The Indian rupee snapped a nine-day winning streak on Tuesday, pressured by a broadly stronger dollar and a risk-off in regional markets amid high inflationary pressures continuing to cloud the interest rate outlook.
MUMBAI, Oct 23 - The Indian rupee will be looking for
any fallout from the maturity of the Reserve Bank of India s forex swap in addition to watching oil and U.S..
On April 28, 2022, the RBI concluded a sell-buy foreign exchange swap under which banks bought US Dollars from the central bank and simultaneously agreed to sell the same amount of dollars at the end of the swap period. The maturity of the swap, which was due on October 23, would have released around ₹40,000 crore into the banking system as purchases of dollars by the RBI inject rupee liquidity into the banking system.
The Indian rupee risks
slipping to a record low this week in wake of surging oil
prices, while bond investors will eye the central bank s action
on debt sales. Brent crude soared 5.7% on.
India rupee watches oil prices, bond yields eye RBI action financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.