RBI likely intervenes to support rupee, traders say
Rupee steady on the back of the intervention at 95.40 per dollar
The Reserve Bank of India (RBI) may have stepped in to bolster the value of the rupee on Friday, according to three traders speaking to Reuters. The intervention came amid ongoing uncertainty surrounding the conflict in West Asia, which had dampened risk appetite and pushed oil prices higher. The currency held steady at 95.40 per dollar following the RBI's move and managed to stay above the psychologically significant level of 95.50 throughout the week.
This trend mirrors the price pattern observed over the past few days, where the RBI's actions have consistently curbed the rupee's decline. Throughout the week, the rupee had been fluctuating within a range of 95.17-95.4450.
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