RBI intervention lifts rupee 22 paise to 96.5 despite Brent crude topping $100
The Indian rupee recovered 22 paise against the US dollar following intervention by the Reserve Bank of India. This gain occurred despite global pressure from rising Brent crude oil prices and ongoing geopolitical tensions in the Middle East.
Why it matters
Currency fluctuations and oil prices are critical indicators of India's macroeconomic stability and import costs.
Rupee staged a recovery in early trade on Friday, rising 22 paise against the US dollar after opening on a weak note, with likely intervention by the Reserve Bank of India helping the domestic currency steady despite crude oil prices breaching the $100-a-barrel mark.The currency, which had ended 20 paise weaker at 96.73 on Thursday, opened at 96.81 in the interbank foreign exchange market before strengthening to 96.51. Traders said a softer US dollar lent some support, though foreign institutional investor (FII) outflows and continued weakness in domestic equities capped gains.Rupee remained under pressure as Brent crude crossed the $100 mark amid escalating tensions in the Middle East. The US military announced a 13th consecutive night of strikes against Iran on Thursday as clashes over shipping routes intensified.
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