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2025-10-28 18:08:21
[Indian rupee stabilizes at 88.26, central bank intervenes in multiple markets to offset depreciation pressure] ⑴ The Indian rupee closed flat at 88.2650 on Tuesday, having fallen to a two-week low of 88.40 during the session. The central bank stabilized the exchange rate through two-way intervention in the spot and non-deliverable forward markets. ⑵ Since the tariff measures took effect at the end of August, the slow progress in US-India trade negotiations has continued to drag down the rupee, while importers' demand for US dollars has remained high. ⑶ Five traders confirmed that the central bank intervened in the market, and private bank traders pointed out that there was a strong central bank presence in the non-deliverable forward market, but the upward pressure on the US dollar against the rupee remained. ⑷ In addition to corporate foreign exchange purchase demand, US dollar purchases related to the expiration of non-deliverable forward positions will continue to put pressure on the rupee in the short term.
