Rupee Avoids Record Low as RBI Intervenes Amid Crude Price Surge

The Indian rupee has managed to avoid hitting an all-time low due to intervention by the central bank. The Reserve Bank of India likely sold dollars on Friday, which helped pull the rupee up to 96.50 per US dollar from a fall to 96.80 on the interbank order-matching system.

The rupee was down just 0.1% from the previous session at 96.5725 at 10am IST. Brent crude prices surged 7% to top $100 a barrel for the first time in two months, amid worsening supply disruptions due to Middle East developments.

Amit Pabari, managing director at FX advisory firm CR Forex, said that with Brent near $100 and geopolitical risks elevated, USDINR is expected to move beyond the 97.00 level, with 97.50 likely in the near term.