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Economic Times
a day ago
- Business
- Economic Times
Rupee slides on Israel-Iran conflict; central bank likely intervenes
The Indian rupee experienced its worst day in over a month, plummeting 0.6% to 86.08 per dollar following Israeli strikes on Iranian sites, which heightened risk aversion. The Reserve Bank of India intervened to curb losses as the rupee hit a two-month low. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee posted its worst day in more than a month on Friday after Israeli strikes on Iran's nuclear and military sites hit risk sentiment, prompting the central bank to step in to limit rupee fell 0.6% to 86.08 per dollar at close, marking its biggest single-session fall since May 8. The currency, which slipped to a 2-month low of 86.20 earlier in the session, declined 0.5% Reserve Bank of India was on offers from 86.05 to 86.20 levels through the session, but the pressure on the local currency persisted, two traders said."Once the RBI intervened, there was a floor set for the rupee, and a large foreign bank began unwinding dollar long positions," said a trader with a private bank."RBI did support the rupee but did not make any effort to bring (the pair) down. We await further developments in the Middle East while trade issues are side-tracked for the moment," said Anil Bhansali, head of treasury at Finrex Treasury on Friday targeted Iran's nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic strikes came amid mounting tensions over U.S. efforts to halt Iran's production of atomic bomb prices spiked, with Brent potentially headed for its biggest one-day rise in over three is a major component of India's import bill. A $10 barrel increase in crude can widen the current account deficit by up to 0.4% of GDP, economists estimate, and can add up to 35 basis points to headline retail inflation.
Time of India
a day ago
- Business
- Time of India
Rupee slides on Israel-Iran conflict; central bank likely intervenes
The Indian rupee experienced its worst day in over a month, plummeting 0.6% to 86.08 per dollar following Israeli strikes on Iranian sites, which heightened risk aversion. The Reserve Bank of India intervened to curb losses as the rupee hit a two-month low. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee posted its worst day in more than a month on Friday after Israeli strikes on Iran's nuclear and military sites hit risk sentiment, prompting the central bank to step in to limit rupee fell 0.6% to 86.08 per dollar at close, marking its biggest single-session fall since May 8. The currency, which slipped to a 2-month low of 86.20 earlier in the session, declined 0.5% Reserve Bank of India was on offers from 86.05 to 86.20 levels through the session, but the pressure on the local currency persisted, two traders said."Once the RBI intervened, there was a floor set for the rupee, and a large foreign bank began unwinding dollar long positions," said a trader with a private bank."RBI did support the rupee but did not make any effort to bring (the pair) down. We await further developments in the Middle East while trade issues are side-tracked for the moment," said Anil Bhansali, head of treasury at Finrex Treasury on Friday targeted Iran's nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic strikes came amid mounting tensions over U.S. efforts to halt Iran's production of atomic bomb prices spiked, with Brent potentially headed for its biggest one-day rise in over three is a major component of India's import bill. A $10 barrel increase in crude can widen the current account deficit by up to 0.4% of GDP, economists estimate, and can add up to 35 basis points to headline retail inflation.
