Indian rupee refuses to budge despite multiple headwinds

The Indian rupee has remained stable despite challenges from oil prices, US yields, and portfolio outflows. The currency has been range-bound with low volatility throughout October. The Reserve Bank of India has played a significant role in keeping volatility low by intervening regularly in spot, non-deliverable forwards, and futures. Long-maturity US yields have been rising due to supply and demand dynamics and expectations of higher rates from the Federal Reserve. The Middle East conflict has also caused oil prices to fluctuate.