💨 Abstract

The Indian rupee closed nearly unchanged on Monday, due to the Reserve Bank of India's market intervention amid portfolio outflows and a decline in most Asian currencies. The rupee was supported by dollar sales by state-run banks. The central bank has been relying on non-deliverable forwards to limit the rupee's decline without heavily depleting reserves. India's foreign exchange reserves have declined for the sixth consecutive week.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖