Rupee Rises on RBI Intervention and Lower Oil
The Indian rupee closed slightly stronger on Friday as lower oil prices and central bank intervention eased weekly pressures. Meanwhile, forward premiums surged to their highest level since May amid tighter banking liquidity.
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India's rupee closed up slightly at 95.8125 per dollar on Friday afternoon, aided by central bank interventions and a 2% drop in Brent Crude Oil. The currency recovered marginally from its 95.9550 close in the previous session amid persistent efforts by regulators. The modest recovery follows a volatile week driven by soaring energy costs and aggressive dollar demand across emerging markets.
