The Indian rupee exchange rate fluctuated in a narrow range on Friday, as continued demand for the dollar was hedged against each other with more explicit central bank intervention. Traders pointed out that state-owned banks entered the market several times to provide support when the rupee was close to the 90 mark against the US dollar. On the same day, the rupee exchange rate fell slightly by 0.02% to 89.98 rupees per dollar. Traders said that the operation of the state-owned bank selling dollars supported the rupee and further strengthened one of the market's judgments: the Reserve Bank of India intended to prevent the rupee exchange rate from falling below the 90 mark. Previously, the rupee rebounded sharply from its historic low. In a few trading days at the end of last year, the price of 90 became the focus of market attention. A foreign exchange trader at a state-owned bank said, “Over the past few days, the Bank of India seems to have been gently defending the 90 mark. This is even more evident in today's market trends.” The trader also said that the core question now is whether this market protection is strong enough to stop the rupee exchange rate from continuing to fall below the 90 mark. He added that judging from Friday's exchange rate trend, the answer may be negative.

The Indian rupee exchange rate fluctuated in a narrow range on Friday, as continued demand for the dollar was hedged against each other with more explicit central bank intervention. Traders pointed out that state-owned banks entered the market several times to provide support when the rupee was close to the 90 mark against the US dollar. On the same day, the rupee exchange rate fell slightly by 0.02% to 89.98 rupees per dollar. Traders said that the operation of the state-owned bank selling dollars supported the rupee and further strengthened one of the market's judgments: the Reserve Bank of India intended to prevent the rupee exchange rate from falling below the 90 mark. Previously, the rupee rebounded sharply from its historic low. In a few trading days at the end of last year, the price of 90 became the focus of market attention. A foreign exchange trader at a state-owned bank said, “Over the past few days, the Bank of India seems to have been gently defending the 90 mark. This is even more evident in today's market trends.” The trader also said that the core question now is whether this market protection is strong enough to stop the rupee exchange rate from continuing to fall below the 90 mark. He added that judging from Friday's exchange rate trend, the answer may be negative.