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Rupee exchange rate closes at 96.73 per dollar after RBI intervention

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The rupee exchange rate closed at 96.73 per US dollar on Friday, Reuters and CNBC-TV18 reported. That was barely changed from Thursday’s close. The Economic Times reported that the RBI intervened heavily through state-run banks. Corporate dollar demand continued.

rupee exchange rate: data graphic of key reported figures
Rupee exchange rate (Rs per $), 9 Oct. Graphic: TrendDesh, built from Reuters; The Economic Times figures.

Rupee exchange rate in the session

The rupee touched an intraday high of 96.51. Traders said companies bought dollars at lower levels. The currency has lost about 7% this year, the Economic Times reported.

Key Facts

  • Close: 96.73 per dollar, barely changed (Reuters)
  • Intraday high: 96.51
  • Year-to-date fall: about 7%
  • Reserves $734.6 bn as of 2 October (Reuters)
  • Record low: 96.96, in May

Reserves

Reuters reported that reserves fell for a fourth week to $734.6 billion as of 2 October. The rupee remains close to its record low of 96.96 hit in May, Reuters said. Sentiment improved slightly after President Trump said the US would not attack Iran before the midterms.

Why It Matters: A weaker rupee raises import costs and adds to inflation pressure.

Sources: The Economic Times · Reuters via Business Recorder · CNBC-TV18

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