The Indian Rupee (INR) edges up against the US Dollar (USD) on Tuesday. The USD/INR ticks lower to near 95.67 after refreshing the three-week high at 95.85 in the opening session. The Indian currency has gained slight strength due to potential Reserve Bank of India’s (RBI) intervention.
According to a Reuters report, the RBI likely intervened in the foreign exchange market for an eighth consecutive session on Tuesday, four traders told Reuters, as elevated oil prices kept up pressure on the South Asian currency. Traders also said that state-run banks were spotted offering dollars, most likely on behalf of the RBI.
Oil prices rally as…
Read the full article at FXSTREET.COM
