Rupee logs best day in over 6 weeks as RBI intervention magnifies oil slump impact
The Indian rupee recorded its best trading day in over six weeks, closing 0.7% higher at 96.5625 against the U.S. dollar, largely due to intervention by the Reserve Bank of India (RBI) and a significant drop in oil prices. The RBI's actions, including dollar sales and buy/sell swaps, reportedly involved interventions estimated between $1.5 billion and $3 billion, which helped the rupee break through resistance levels. Analysts expect continued appreciation of the rupee as geopolitical tensions ease and foreign currency inflows remain strong.