RBI likely intervened to support rupee, traders say
The rupee was lifted about 0.1 per cent by the intervention and was last hovering at 94.42 per dollar, compared with its close at 94.4850 in the previous session
The Reserve Bank of India may have stepped in to bolster the value of the Indian rupee on Monday, according to four traders who spoke to Reuters. The central bank's involvement in the foreign exchange market has proven effective in keeping the rupee from succumbing to the pressure exerted by escalating oil prices. The rupee's value increased by approximately 0.1 percent following the intervention, currently trading around 94.42 per dollar, slightly higher than its previous session's close of 94.4850.
Meanwhile, Brent crude oil futures experienced a 0.5 percent rise, reaching $96.8 per barrel, as ongoing disagreements between the US and Iran over vessels passing through the Strait of Hormuz and other regions raised fears of a prolonged supply disruption from the Middle East.
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