RBI defends rupee near record low as oil prices rise
The Indian rupee held near record lows as rising oil prices and weak capital flows pressured the currency. Reserve Bank of India intervention prevented further losses. Global headwinds and a hawkish Fed kept markets cautious.
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India's central bank intervention defended the rupee against record lows on Thursday afternoon, keeping the currency nearly flat despite surging oil prices. The rupee ended at 96.78 per dollar, staying close to its all-time low of 96.96 reached in May. Persistent capital outflows and elevated energy costs have pushed the currency down over 7% this year.
