Rupee Holds Firm at 94.97 as RBI Intervenes Amid Crude Oil Surge

The Indian rupee maintained stability on Wednesday at 94.97 against the U.S. dollar, despite pressure from rising Brent crude oil prices to around $97 per barrel and increasing U.S. Treasury yields.

Market traders observed active intervention by the Reserve Bank of India (RBI) throughout the trading day, selling dollars to absorb selling pressure that could have weakened the currency further.

The RBI's massive foreign exchange reserves, exceeding $700 billion, served as a buffer against these global headwinds. However, investors remain cautious about the central bank's forward dollar obligations, which currently stand at approximately $137 billion.