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RBI Sells Dollars to Support Rupee Amid Oil Price Surge

The Reserve Bank of India likely sold dollars on Monday to stabilize the rupee as oil prices rose. Traders said the move aimed to limit market volatility.

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The Reserve Bank of India is believed to have stepped into the foreign exchange market on Monday to support the domestic currency. According to market participants, the central bank's intervention was a response to the rupee coming under pressure following a significant rise in global energy prices.

A man is seen tallying Indian banknotes at a street-side money exchange located in Delhi's historic district on February 2, 2026. REUTERS/Anushree Fadnavis
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