Rupee ends marginally lower as central bank shields from oil, yield strain

Synopsis The Indian rupee experienced a minor decline on Tuesday, with speculation that the Reserve Bank of India intervened to bolster its position. Contributing factors included high oil prices and climbing global bond yields, which put additional stress on the currency. Concurrently, yields on Indian government bonds rose, and there was a slight dip in local stocks, shifting focus to the forthcoming minutes from the central bank’s policy meeting. The Indian rupee closed marginally weaker on Tuesday as likely central bank intervention stood between the South Asian unit and the pressure from elevated oil prices and surging global bond yields….