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Indian rupee mostly stable as RBI steps in

The Chinese yuan, the Korean won and the Indonesian rupiah were all down 0.3 per cent

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By Web Desk

Published: Mon 21 Aug 2023, 11:40 AM

The Indian rupee was little changed on Monday despite a fall in Asian peers on likely intervention by the central bank.

The Indian rupee was at 22.64 to the UAE dirham by 9.52am, barely changed from Friday. The Chinese yuan, the Korean won and the Indonesian rupiah were all down 0.3 per cent.

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[Editor's Note: For real-time forex rates, click widget below or visit KT's dedicated Trading News page here.]

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"Again, rupee is managing to avoid a fall to record low. RBI, at least for now, looks to want to keep rupee hovering around the 83 handle," a forex trader said.

The Reserve Bank of India likely intervened to keep the rupee in check in the face of an upbeat U.S. dollar.

"For the rupee, as long as the RBI defends 83.15 (to the USD), dollar bulls shall remain at bay," said Amit Pabari, managing director of forex advisory firm CR Forex.

"In the short run, the pair is likely to remain caged in the 82.75-83.25 levels."

For cues on the path of U.S. interest rates, investors will watch Fed Chair Jerome Powell's comments this week at the central bank's Jackson Hole Economic Symposium.

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Web Desk

Published: Mon 21 Aug 2023, 11:40 AM

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