A single remark from Trump causes non-US currencies to drop; the Reserve Bank of India suspected of intervening

Golden Ten Data, July 8 – According to four traders, the Reserve Bank of India may have intervened to stabilize the rupee exchange rate on Wednesday. This follows U.S. President Trump’s statement that the conflict-ending agreement signed with Iran has been “terminated,” inducing a sharp rise in oil prices. The Indian rupee plummeted against the U.S. dollar on the news, dropping to as low as 95.5925. Subsequently, the Reserve Bank of India may have sold U.S. dollars to limit depreciation of the rupee, and the exchange rate stabilized.