Rupee closes at 96.73 after RBI dollar sales
In short
The Indian rupee ended Friday at 96.73 against the dollar after briefly rising and then falling back. The Reserve Bank of India sold dollars through state-owned banks, and Governor Sanjay Malhotra said the rupee is undervalued and needs to stabilize.
This matters for currency traders and companies that need dollars. The size of the RBI’s support and the next move in the rupee are not stated in the available reporting.
What the reporting says
The Indian rupee closed at 96.73 against the dollar on Friday after rising to an intra-day high and then slipping on dollar demand. The publisher-supplied summary says the Reserve Bank of India sold dollars through state-owned banks, and Governor Sanjay Malhotra said the currency is undervalued and needs stabilization. It is still unknown how much the RBI sold or how long the support may continue.
Why it matters
The rupee’s move reflects RBI intervention through state-owned banks and continued dollar demand from companies. The currency closed at 96.73 after an intraday gain faded. The reporting does not state the amount of dollars sold, the exact intraday peak, or whether the RBI will keep intervening, so the near-term outlook remains uncertain.