Global markets steadied as traders focused on sharp yen moves, reportedly linked to suspected Japanese intervention. The dollar dipped briefly, then stabilized, while equities found support from strong tech earnings. Central banks kept interest rates unchanged, but hawkish cues from the Fed and ECB maintained caution. Meanwhile, rising oil prices and geopolitical tensions are reigniting inflation worries.
RBI deputy governor Sankar said the central bank’s curbs on banks’ currency trading are temporary and will be lifted soon. The steps were introduced to manage rupee volatility, but the RBI reiterated it will continue pursuing long-term goals like rupee internationalization and building a more unified dollar-rupee market.
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