Rupee holds steady against US dollar amid a meltdown in global currencies

Currency dealers say the central bank is intervening so that the currency doesn't strengthen more

The rupee has remained largely stable at a time when global currencies are experiencing a rout against the US dollar.

Year-to-date, the Brazilian real has lost 8.31 per cent of its value, while other emerging market currencies have fallen 3.5-7.5 per cent against the dollar on growth concerns in their economies.

The dollar index, which measures the greenback’s strength against major currencies, rose to 99.49 from the 97.5 level seen in January. Year-to-date, the euro has fallen 3.55 per cent, while the Japanese yen has lost 2.80 per cent against the dollar.

The world economy was recovering from a US-China trade war when