RBI Intervention Bolsters Rupee Amid Oil Price Volatility

The Reserve Bank of India (RBI) has intervened in currency markets to manage volatility caused by higher oil prices and strong corporate demand for US dollars. This move, combined with nearly $73 billion in foreign exchange inflows from June 8 to August 21, has bolstered the rupee's stability.

AUD/INR trades with sustained bullish momentum, despite some mixed indicator signals. The pair is expected to remain within a typical volatility band of ₹68.0268 to ₹68.7815 over the next 2-3 trading days.

Immediate support for AUD/INR is identified at the Ichimoku Kijun level of ₹68.1211. With the probability of an upward move assessed as very high and downside risk described as very low, the base scenario anticipates range-bound or sideways price action in the short term.