Rupee Rebounds, Settles at 96.55 Against Dollar Amid RBI Intervention

The Indian rupee recovered 18 paise to close at 96.55 against the US dollar on Friday, amid likely intervention by the Reserve Bank of India (RBI).

The rupee opened weaker at 96.81 and traded in the range of 96.30-96.81 before settling at 96.55, up from its previous close.

Forex traders attributed the pressure on the local unit to a combination of factors, including heightened tensions in West Asia, FII outflows, and sustained negative sentiments at the domestic equity markets.

V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, said that the rupee has been stable on Friday, trading around 96.55 to the dollar at 3.30 pm.

He added that there are reports of RBI intervention to prevent further depreciation of the rupee, and some PSU banks have sold dollars to stabilise the currency.