Rupee Rallies from Record Low After RBI Intervention

The Indian Rupee hit its day's low against the US Dollar on Friday before recovering due to interventions by the Reserve Bank of India (RBI). The currency fell to an intraday low of 96.70 per dollar, but rebounded to close at 96.562, remaining little changed from its previous close.

The RBI's actions were felt in both the spot and non-deliverable forwards markets. State-run banks were seen selling dollars just before the market opened, while some foreign investor inflows helped the currency recover late in the day.

The rupee faced pressure due to high oil prices and heavy dollar demand from oil companies and importers. Brent crude briefly topped $100 a barrel for the first time in two months before retreating about 4% to $96, according to Reuters.