RBI back to rupee's rescue to counter oil, Fed headwinds; steps into swaps too

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India’s central bank supported the rupee on Monday after oil prices surged. Rising expectations of a US interest-rate hike also pressured the local currency. The Reserve Bank of India’s intervention helped the rupee recover from its lows. This sustained presence insulated the rupee from external developments. The central bank also conducted dollar-rupee swaps to cool swap rates.

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RBI back to rupee's rescue to counter oil, Fed headwinds; steps into swaps too

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