💨 Abstract

The Indian central bank intervened in the foreign exchange market on Tuesday to support the Indian rupee, which had reached an all-time low the previous day due to high demand for the dollar from the non-deliverable forwards market. A large state-run bank sold dollars aggressively on behalf of the Reserve Bank of India, and the dollar-rupee daily fix was quoted at a 1 paisa premium, indicating strong demand to buy dollars.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖