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Rupee Holds Steady, Liquidity Metrics Signal Cautious Optimism

Updated: June 30, 2025 09:11

Image Source: HDFC Sky
On June 27, the Indian rupee opened nearly flat at ₹85.4725 per US dollar, reflecting a stable currency environment amid global uncertainties and domestic liquidity adjustments.
 
Key Financial Highlights:
 
Rupee Movement: The INR remained range-bound, showing minimal volatility despite global dollar strength and crude price fluctuations.
 
Banking Liquidity:
 
Banks’ cash balances with the Reserve Bank of India (RBI) stood at ₹9.40 trillion, indicating ample liquidity in the system.
 
The government’s surplus cash balance with the RBI was nil, suggesting active fund deployment or upcoming expenditure.
 
Refinancing Activity: The RBI extended ₹70.10 billion in refinance support, likely to ease short-term liquidity mismatches.
 
Marginal Standing Facility (MSF): Banks borrowed ₹750 million via the MSF window, a modest figure that reflects limited overnight stress in the banking system.
 
These indicators point to a well-balanced liquidity environment, with the RBI maintaining a watchful stance as inflation and global cues evolve. The rupee’s stability, coupled with measured borrowing, suggests that India’s monetary ecosystem remains resilient—at least for now.
 
Sources: Reuters, Bank of England Historical Rates

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