Rupee steady as likely central bank intervention counters importer dollar bids

India’s rupee held around 88.24 per U.S. dollar after briefly sliding to 88.345, supported by suspected intervention from the Reserve Bank of India ahead of month-end dollar demand and maturing non-deliverable forwards. Foreign investors in equities have modestly increased flows in October, and the offshore Chinese yuan strengthened amid U.S.–China trade optimism. Importers continued to bid for dollars but central-bank action helped anchor the currency despite external pressures and global policy uncertainty.