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Commodities

RBI Steps in to Support Rupee Amid Rising Oil Prices

Guavy AI Editorial Team
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Oil
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The Reserve Bank of India (RBI) is believed to have intervened in the foreign exchange market on Monday, helping the rupee withstand pressure from rising oil prices.

Four traders told Reuters that RBI's intervention lifted the rupee by about 0.1% and was last hovering at 94.42 per dollar compared to its close at 94.4850 in the previous session.

Brent crude oil futures rose 0.5% to $96.8 per barrel due to tit-for-tat strikes between the US and Iran, which heightened concerns of a prolonged supply disruption from the Middle East.

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