EconomyIndian rupee steadies as intervention blunts oil surge and hedging pressure
The Indian rupee held above a record low on Friday, traders said. The Reserve Bank of India was likely active in the market, helping curb pressure from a sharp rise in oil prices. Weak domestic equities also weighed on the currency. Renewed corporate hedging added another source of demand and pressure, but the intervention apparently helped the rupee stabilize rather than set a new record low.
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Indian rupee steadies as intervention blunts oil surge and hedging pressure
Economy