The Reserve Bank of India sold $88.75 billion in forwards in February, up from $77.52 billion in January, to defend the rupee amid U.S. tariff-related volatility. Spot sales dropped, indicating a strategic rollover of contracts.
Indian markets saw a mixed close on Thursday. While the Nasdaq and S&P dipped due to Big Tech’s AI spending concerns, the Dow edged higher.
US inflation climbed to 4.1% in May, driven by rising energy prices, keeping the Federal Reserve’s interest rate hike plans on the table for September.
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