Rupee Strengthens Amid Crude Price Lows, RBI Intervention

The Indian rupee began September 23 at 95.57 per US dollar, up 2 paise from its previous close of 95.59.

This movement is significant because crude oil prices have a substantial impact on India's import bill and demand for dollars.

Brent crude futures hovered near two-week lows at around $99.22 a barrel as diplomatic efforts at the United Nations General Assembly raised hopes for resolving the US-Iran conflict.

The Reserve Bank of India has been intervening to absorb pressure from weak capital flows and India's elevated energy import bill, with foreign exchange reserves reaching a record level after accumulating foreign currency through one-off policy measures.