RBI Intervenes to Support Rupee Amid Oil Surge
The Reserve Bank of India stepped in to support the rupee early in the session. Its persistent interventions helped the currency shrug off higher oil prices and regional weakness.
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The Reserve Bank of India stepped in during Friday morning trade to support the rupee, deploying dollar sales that kept the currency steady at 94.46 per dollar. The central bank's intervention offset headwinds from surging energy costs and broader weakness across Asian currencies. India's currency has risen 1% this week, bolstered by capital inflows exceeding $136 billion through special reserve schemes.
