RBI intervenes to defend rupee amid oil pressures
The Reserve Bank of India likely intervened in the foreign exchange market to protect the rupee from pressures driven by elevated oil prices and corporate hedging flows. State-run banks offered dollars on behalf of the central bank, helping anchor the currency near 95.68 per dollar.
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India's central bank sold dollars on Friday morning to defend the rupee at 95.6875 per dollar amid sustained corporate hedging flows. The currency held steady on the day but remained on track for a modest weekly decline. Persistent interventions by monetary authorities over the past two weeks have helped anchor the exchange rate against external headwinds.
