Rupee recovers 22 paise as RBI likely intervenes amid global crude price surge

The Indian rupee appreciated by 22 paise to 96.51 against the U.S. dollar in early trade on July 24, after RBI intervention likely stemmed its further slide.

Global crude oil prices crossed the $100-mark due to heightened tensions in West Asia, but a softer greenback provided some support to the local unit.

However, Foreign Institutional Investor outflows and sustained domestic equity market losses maintained pressure on the rupee.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that Brent crude oil remained elevated, increasing dollar demand from Indian oil marketing companies while importer dollar buying remained strong through the session.