Rupee hits two-week low on 'sticky' dollar bids, modest intervention cushions

The Indian rupee experienced a sharp decline on Thursday, hitting a two-week low against the dollar. Traders highlighted that heightened dollar demand and overseas debt payments were significant contributors to this depreciation. To stabilize the situation, the Reserve Bank of India intervened. Moreover, the rupee's earlier strength has faded amid ongoing market pressures, prompting markets to eagerly await upcoming decisions from the European Central Bank on interest rates.