RBI intervenes to defend rupee amid rising oil prices
The Reserve Bank of India stepped into the foreign exchange market to limit the rupee decline. Rising oil prices and climbing US bond yields pressured the currency during trading.
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India's central bank intervened in the foreign exchange market during Friday morning trade, selling dollars to curb the rupee's decline. The currency fell as much as 0.4% to 95.7925 before paring losses to trade at 95.71.
