The Indian rupee came under fresh pressure on Monday, August 31, briefly weakening to around ₹95.60 against the US dollar before intervention by the Reserve Bank of India helped the currency recover from its intraday lows.
The rupee opened weaker near ₹95.49 and slipped to ₹95.60 on the interbank order-matching system before regular trading began. RBI intervention subsequently helped stabilise the currency around ₹95.44 per dollar by late morning.
The rupee had ended Friday near ₹95.38-₹95.43 against the dollar, meaning Monday’s early decline reflected renewed pressure from both global energy markets and changing expectations around US interest rates.
A major source of concern has been the sharp rise in global crude oil prices amid escalating tensions in West Asia.
Brent crude climbed above $90 per barrel during Monday’s trading as concerns grew over potential disruptions to energy supplies from the Gulf region.
Higher crude prices typically put pressure on the Indian rupee because India imports a large share of its oil requirements, increasing demand for US dollars when energy costs rise.
At the same time, expectations that the US Federal Reserve could raise interest rates in September have strengthened following hawkish comments from Fed Chair Kevin Warsh.
Market expectations for a September rate hike rose to nearly 60%, supporting the US dollar and pushing Treasury yields higher.
A stronger dollar and higher US yields can reduce demand for emerging-market currencies such as the rupee, as investors may shift capital towards dollar-denominated assets.
The Reserve Bank of India stepped into the foreign-exchange market to limit excessive depreciation and maintain orderly trading conditions.
Apart from intervention in the spot market, the RBI was also active in short-term dollar-rupee buy/sell swaps, helping ease pressure in overnight swap markets.
The central bank’s intervention has kept the rupee relatively stable despite strong external headwinds, with traders noting that RBI activity has repeatedly limited sharp currency moves in recent sessions.
Domestic equity markets also opened under pressure on Monday, reflecting broader risk-off sentiment caused by rising oil prices, geopolitical uncertainty and expectations of tighter US monetary policy.
Currency traders will now closely track crude prices, developments in West Asia, US Federal Reserve signals and further RBI intervention for the rupee’s next direction.
source – Reuters
Supreme News Network
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