Rupee recovers ground against dollar with RBI support

The Indian rupee has made some gains against the US dollar, settling at 96.55 after a volatile day of trading.

This is an increase of 18 paise from its previous close and comes as the Reserve Bank of India (RBI) likely intervenes to stabilize the currency.

The RBI's support has been seen in various reports, with some PSU banks reportedly selling dollars to steady the rupee. However, experts caution that tensions between the US and Iran could continue to put downward pressure on the currency.

VK Vijayakumar of Geojit Investments Ltd stated that 'Rupee has been stable on Friday, trading around 96.55 to the dollar at 3.30 pm.' He also noted that if crude oil prices decline next week, it could help stabilize the rupee further.