Rupee Holds Steady Against Dollar Amid RBI Intervention

The Indian rupee has maintained its stability against the dollar in early trade on Monday, despite high crude oil prices. According to Reuters, support from the Reserve Bank of India (RBI) has mitigated the impact of rising oil costs. The rupee was trading at 95.6675 to the dollar, remaining relatively unchanged from its previous close of 95.6950.

The RBI's intervention in the currency market is seen as a key factor in maintaining the rupee's stability. Higher crude oil prices continue to drive demand for dollars from importers, but the central bank's efforts to rein in currency volatility have helped to offset this pressure.

Brent crude remains above $90 a barrel, with concerns over potential U.S. sanctions on Iran contributing to sustained oil prices. State-run lenders are also seen as selling dollars, likely due to RBI instructions.