RBI interventions, corporate flows pull rupee back from new low against USD

Rupee underperforms EM peers so far in Oct, fares worse than 14 currencies

After plunging to a new low against the dollar in early hours of trade on Monday, the rupee staged a smart recovery owing to intervention by the Reserve Bank of India (RBI) and dollar sales by banks on behalf of corporate entities, said dealers.
 

The rupee closed at 82.32 per dollar on Monday, almost flat versus the previous close of 82.33. In opening trades, however, the domestic currency weakened to a new low of 82.72 per dollar, breaking past the previous intraday low of 82.42.
 

The rupee has depreciated 9.7 per cent against the dollar so far in 2022.
 

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