Rupee Opens Unchanged from Wednesday’s Closing at 83.22 Per Dollar

Rupee Opens Unchanged from Wednesday's Closing at 83.22 Per Dollar

VoM News Desk | September 28, 2023 | 10:34 AM IST | Breaking News | Follow on Google News

Rupee Opens Unchanged from Wednesday’s Closing at 83.22 Per Dollar

Rupee Shows Stability Amid RBI’s Intervention

The Indian Rupee exhibited a steady performance at the opening, maintaining a similar value as the previous day’s closing rate of 83.22 per US dollar. However, the Reserve Bank of India (RBI) appears to be proactively taking measures to prevent the rupee from depreciating further and potentially reaching a record low.

RBI’s Preventative Measures

Reports suggest that the RBI is actively engaged in selling US dollars in the open market, particularly within the range of 83.22 to 83.25 rupees per dollar. This intervention is aimed at stabilizing the Indian currency and thwarting any significant devaluation. Seven traders, cited by Reuters, have indicated that this move by the RBI is in line with its efforts to maintain the rupee’s value.

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Forward Market Involvement

In addition to its actions in the spot market, the RBI is also believed to have supplied US dollars in the non-deliverable forward market (NDF) before the commencement of trading in the spot market. Five traders have corroborated this development, highlighting the central bank’s comprehensive approach to currency stabilization.

These strategic interventions by the RBI reflect its commitment to safeguarding the stability of the Indian Rupee in the face of potential external and domestic challenges. Such actions play a crucial role in maintaining confidence in the currency and ensuring economic stability.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.