Indian Rupee Off Record Low Against U.S. Dollar
May 12 2022 - 4:09AM
RTTF2
The Indian rupee erased its early losses against the U.S. dollar
in evening deals on Thursday, as the Reserve Bank of India
intervened in the forex market to defend the currency.
The Indian rupee touched a historic low in morning deals as the
prospects of aggressive tightening of monetary policy underpinned
the dollar.
The RBI reported sold dollars to prop up the rupee amid a
sell-off in equity markets.
The Indian rupee rose to 77.34 against the greenback, up from a
record low of 77.63 seen in the morning session.
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