A number of traders familiar with the matter said that the Bank of India sold the US dollar in the onshore and offshore foreign exchange markets to support the rupee exchange rate; since it had no authority to speak to the outside world, relevant people requested anonymity. The dollar fell 0.1% versus the Indian rupee to 95.0437. The biggest decline for 1-month USD/INR no-principal forward contracts was 0.2% to 95.21. Brent crude oil rose for the second day in a row, and a new round of conflict between the US and Iran intensified market uncertainty about the energy transportation channel in the Strait of Hormuz. The intervention took place against this backdrop. India is a major oil importer, and high oil prices will widen the country's trade deficit and drive up inflation.
Zhitongcaijing · 2d ago
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A number of traders familiar with the matter said that the Bank of India sold the US dollar in the onshore and offshore foreign exchange markets to support the rupee exchange rate; since it had no authority to speak to the outside world, relevant people requested anonymity. The dollar fell 0.1% versus the Indian rupee to 95.0437. The biggest decline for 1-month USD/INR no-principal forward contracts was 0.2% to 95.21. Brent crude oil rose for the second day in a row, and a new round of conflict between the US and Iran intensified market uncertainty about the energy transportation channel in the Strait of Hormuz. The intervention took place against this backdrop. India is a major oil importer, and high oil prices will widen the country's trade deficit and drive up inflation.
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