Rupee clings to two-week high as oil slides, intervention helps cement rise
The Indian rupee closed at 95.8525 per dollar, its strongest level in two weeks, bolstered by a 3% drop in Brent crude oil prices and likely intervention by the Reserve Bank of India (RBI). The RBI has actively defended the currency since Friday, signaling a lower tolerance for rupee weakness, as it intervened in every trading session. Despite the recent gains, traders remain cautious about potential volatility if oil prices rise again.