The Indian rupee saw a slight recovery on Wednesday, closing at 94.66 against the dollar after touching an intraday low. State-run banks intervened, likely for the RBI, to curb further depreciation. This weakness stemmed from a strengthening dollar index, fueled by expectations of a US Federal Reserve interest rate hike later this year, pushing the DXY to a 13-month high.
The Indian rupee saw a slight recovery on Wednesday, closing at 94.66 against the dollar after touching an intraday low. State-run banks intervened, likely for the RBI, to curb further depreciation. This weakness stemmed from a strengthening dollar index, fueled by expectations of a US Federal Reserve interest rate hike later this year, pushing the DXY to a 13-month high.
<iframe src="https://hindustansphere.com/embed/cluster/698ef716b0afa0d058f1871c53ff6868719f7f30" width="100%" height="320" style="border:0;max-width:680px" loading="lazy" title="Rupee bounces from day's low on RBI support"></iframe>
