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RBI Steps In to Shield Rupee Amid Global Market Turbulence and NDF Maturities
Business
The Reserve Bank of India (RBI) reportedly intervened in currency markets on Tuesday to stabilize the rupee, which faced downward pressure from weakening global risk sentiment and dollar demand linked to expiring non-deliverable forward (NDF) contracts, according to five market traders.
After dipping to an intraday low of 87.3850 against the greenback, the Indian currency showed modest recovery at 87.2850 by late morning trading hours (11:30 AM IST). Market participants observed state-owned banks actively selling dollars around the 87.30 level - a move widely interpreted as proxy intervention by the central bank.
"The RBI's presence appears concentrated around the mid-day forex fixing window," noted a senior dealer at a private bank. "We could see renewed upward momentum in USD/INR once this support ebbs."
The maturity of NDF positions typically creates concentrated dollar buying during daily reference rate calculations, creating headwinds for emerging market currencies like the rupee. This comes despite broader dollar weakness, with the DXY index shedding over 3% through March.
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Indian rupee hits record low against dirham; will UAE grocery prices fall?
The Indian rupee's record low against the UAE dirham and the US dollar's mixed bag of fortunes has resulted in a price drop in some goods. However, rising production and transportation costs in India often outweigh the currency advantage.The Indian rupee has hit an all time low against the Emirati currency and the US dollar, reaching 24.6 against the dirham and 90.4 against the greenback.Shuaib Alhammadi, director of community relations, Union Coop, said this is an opportunity to import more fro
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