RBI Intervention Boosts Rupee Amid Tensions in West Asia
The Indian rupee strengthened by 18 paise to settle at 96.55 against the U.S. dollar on July 24, 2026, amidst likely intervention by the Reserve Bank of India (RBI).
This recovery comes despite heightened tensions in West Asia, Foreign Institutional Investor outflows, and sustained negative sentiments in domestic equity markets, which put pressure on the local unit, according to forex traders.
The rupee traded between 96.30-96.81 at the interbank foreign exchange before settling at 96.55 (provisional), up from its previous close of 96.73 against the U.S. dollar on July 23, 2026.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that there are reports of RBI intervention to prevent further depreciation of the rupee and that some PSU banks have sold dollars to stabilise it.