Rupee Surges After Possible RBI Intervention Amid Global Oil Price Surge

The Indian rupee has risen by 22 paise to 96.51 against the US dollar in early trade on July 24, following what traders believe is likely intervention from the Reserve Bank of India (RBI) to stabilize its value.

The rupee had ended 20 paise weaker at 96.73 against the US dollar on Thursday, as Brent crude oil prices crossed the $100-mark due to escalating tensions in West Asia.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, attributed the rupee's weak opening to several factors, including a strong demand for dollars from Indian oil marketing companies due to elevated Brent crude prices and importer dollar buying.