Forex
Rupee Soars as RBI Intervention and Oil Prices Boost India's Currency
The Indian rupee continued its rally on July 27, hitting a two-week high of 95.7950 per US dollar after Reserve Bank of India intervention and a slump in oil prices.
The RBI's measures to attract foreign currency inflows and counter depreciation pressures have been aiding the sentiment towards the rupee.
Oil prices extended their decline following the pause in hostilities between the US and Iran, further boosting the rupee's momentum.
Traders said several factors drove the rally, including a break through near-term resistance levels and RBI intervention.