Rupee Stands Firm at 95.73 as RBI Intervention Kicks In

The Indian Rupee rose to 95.73 against the US dollar on Wednesday, August 19, after Reserve Bank of India (RBI) intervention and foreign institutional investor inflows helped support the currency.

Despite rising crude oil prices and tensions in West Asia, which put pressure on the local unit, the rupee managed to stay afloat due to RBI's suspected continued intervention. The dollar index was trading at 99.56, down 0.09%, while Brent crude prices rose 0.71% to $91.67 per barrel.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that the rupee showed 'reasonable resilience' despite oil shocks thanks to suspected RBI intervention.