Forex
Rupee Rises as RBI Steps In Amid Crude Oil Price Surge
The Indian rupee rose by 22 paise to 96.51 against the US dollar in early trade on Friday, thanks to likely RBI intervention and a softer greenback.
The strengthening of the rupee came after global crude oil prices crossed the $100-mark due to heightened tensions in West Asia.
FII outflows and sustained weakness in domestic equity markets maintained pressure on the rupee, but RBI intervention via state-owned banks prevented further depreciation.