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The Indian rupee is weaker as the US dollar strengthens in the currency markets. The INR is close to falling to the 84 mark, as its price is currently hovering at 83.94. A new report suggests that the Reserve Bank of India (RBI) has intervened in the currency markets to keep the INR from crashing against the USD. Also Read: HBO Documentary Claims Peter Todd is Bitcoin creator Satoshi Nakamoto Market participants said on the condition of anonymity that the RBI has likely intervened via non-deliverable forwards (NDF). The RBI also leveraged the local spot and currency futures markets to keep the rupee from falling against the US dollar. All these moves from the RBI prevented the INR from dipping below the 84 level. Source: Bloomberg / Business Standard Research Traders believe the rupee might not fall below 84 against the USD in the short term as the RBI is actively monitoring the developments. The timely RBI interventions prevent the INR from further dips against the US dollar in the cu...

The US dollar reigned supreme as it outperformed GOLD , local currencies, crude and Brent oil, and other commodities all in a day’s trade. The DXY index shows the US dollar climbing above the 104 threshold trampling over the broader commodities market. Gold prices, crude oil , Brent oil, local currencies, and the overall commodity market turned red on Wednesday except for the US dollar, which steadily scaled up in the charts. Also Read: Goldman Sachs Predicts the Future of the Cryptocurrency Market 1. US Dollar Beats Gold The US dollar strengthened ahead of the FOMC meeting on Wednesday causing GOLD prices to nosedive in the XAU/USD charts. The slump in GOLD prices is due to the Federal Reserve maintaining its stance of a prolonged high-interest rate. Simultaneously, the development boosted the US Treasury bond yields putting the dollar on a pedestal. Gold prices fell to the $2,150 mark today and could dip further as the US dollar grows stronger. Also Read: Gold Pr...