Indian Rupee Resilience and RBI Intervention: Key Insights
| Key Points | Details |
|---|---|
| Currency Performance | Indian rupee settled at 83.97 against the US dollar. |
| RBI Intervention | RBI used non-deliverable forwards (NDF) and local spot markets. |
| Pressure Factors | Foreign portfolio outflows, rising crude oil prices, strong dollar index. |
| Dollar Index | Strengthening dollar index contributed to rupee depreciation. |
| Forward Premiums | Declined by 11 basis points to 2.27%. |
| US Economic Data | 254,000 jobs added in September, surpassing the 140,000 projection. |
| India's Forex Reserves | Exceeded $700 billion, supported by foreign currency assets and RBI actions. |
| RBI's Spot Market Activity | Net bought $19.2 billion in FY24, net dollar sales at $2.4 billion in current fiscal year. |