USD/INR down 3% from 69.00 record high

FXstreet.com (Barcelona) – On the back of an uncontrollable spike to fresh all time low just around 69.00 yesterday, the Indian Rupee has opened at a much higher price level vs the US Dollar today, trading around the 67.00 handle, which implies almost 3% in losses for USD/INR on the day. A more risk-balanced market coupled with RBI intervention has helped to stabilize the rate.

As the Times of India notes: “The Reserve Bank of India responded to the fall by announcing a move to provide dollars from its reserves to meet import needs of oil companies which account for nearly …read more