RBI intervention halts rupee's slide to record low, risks linger

What happened: The rupee ended nearly flat at 96.78 per dollar after RBI intervention halted its slide toward a record low, close to the all-time low of 96.96 hit in May. Key numbers: Rupee at 96.78 per dollar, all-time low 96.96 in May, down over 7% this year. Brent crude rose more than 4% to $104.3 per barrel. Why it matters: Traders do not yet see a case to be bullish on the rupee, questioning whether the RBI will allow 97 to break. ING said market pricing of further Fed tightening looks too aggressive.

The rupee ended nearly flat at 96.78 per dollar after RBI intervention halted its slide toward a record low, close to the all-time low of 96.96 hit in May.

Traders do not yet see a case to be bullish on the rupee, questioning whether the RBI will allow 97 to break. ING said market pricing of further Fed tightening looks too aggressive.