Indian Rupee Rises as RBI Intervenes Again Amid Oil Price Surge

The Indian Rupee (INR) has seen significant gains against the US Dollar (USD), with the USD/INR pair declining to near 96.50.

This rise comes after the Reserve Bank of India (RBI) intervened again to support the Indian currency, selling US dollars near 96.80 INR levels.

According to a Reuters report, state-run banks were also seen offering US dollars, likely on the RBI's behalf.

The RBI had already intervened in spot and non-deliverable forwards (NDFs) markets on Thursday to provide a cushion to the Indian currency.

However, this support is expected to be short-lived due to surging oil prices and the revival of Federal Reserve interest rate expectations.