Rupee dips on week as oil pangs linger, intervention prevents fall past 96/USD
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Sustained central bank presence across market segments has subdued moves in the rupee and driven its 2-week realised volatility to under 2%, among the lowest in Asian peers. Bankers and analysts say that the central bank's ammunition to fight rupee depreciation has been bolstered by over $50 billion worth of inflows under measures announced in June to strengthen India's balance of payments. "With the RBI expecting at least US$80bn from its foreign currency mobilisation measures, the external buffer should remain supportive of the INR," MUFG said in a note. "However, the record forward position and associated liquidity management suggest that the RBI will continue to prioritise orderly currency movements rather than outright appreciation." The central bank's net forward dollar liabilities stood at $103.3 billion at the end of June. "The net forward position that we have right now is very manageable," RBI Governor Sanjay Malhotra said in a media interview earlier this week. Meanwhile, traders also continue to take cues from moves in oil prices with Brent crude oil future on track for a over 5% weekly gain and last at $92.9 per barrel. A broadly weaker dollar helped boost most Asian currencies on Friday but was of little help to the rupee. The currency's response to global cues has become muted since it did not weaken in an adverse set up so there is little appetite for gains when condition improve and importer demand picks up instead, an FX salesperson at a foreign bank said. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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