RBI Steps In to Stabilise Rupee Amid Rising Oil Prices and Dollar Demand

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The Reserve Bank of India is believed to have intervened in foreign exchange markets to support the rupee. Elevated global oil prices and strong corporate demand for dollars put significant pressure on the Indian currency. State-owned banks were seen selling dollars in the market, widely interpreted as a sign of central bank action. As a result of sustained intervention, the rupee has remained relatively stable within a narrow range for about two weeks. Broader headwinds including geopolitical tensions and weakness in equity markets have further weighed on the currency.

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