Rupee clings to two-week high as oil price slide, intervention helps cement rise
The Indian rupee strengthened to its highest level in two weeks, closing at 95.8525 per dollar, aided by a 3% drop in Brent crude oil prices and intervention from the Reserve Bank of India (RBI). The RBI has intervened in every trading session since Friday, signaling a reduced tolerance for rupee weakness amid significant capital inflows of approximately $40 billion since early June. However, traders remain cautious as rising crude prices could pressure the rupee again if geopolitical tensions escalate.