Rupee strengthens as RBI intervenes amid rising oil prices
pre-market1 source ↓written by the desknot a recommendation
The Indian Rupee (INR) opened stronger at 96.47 against the US Dollar (USD), retreating from a two-month high of 96.75. Reports suggest the RBI intervened in the forex markets to mitigate rupee losses due to escalating oil prices. Foreign Institutional Investors sold ₹819.20 cr on Wednesday, totaling ₹4,836.95 cr this month.
This intervention may help stabilize the rupee in the short term as oil prices continue to rise. 📈
Not investment advice. For informational purposes only.