Rupee Trades Range-Bound Amid Elevated Crude Prices and RBI Intervention

The Indian rupee began trading on Tuesday at 95.74 against the US dollar, down 4 paise from its previous close. The currency has remained range-bound around ₹95.50-96.00 for the last two weeks, with oil prices and RBI intervention being key near-term drivers.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that 'the rupee remains firmly range-bound around ₹95.50-96.00, with oil prices and RBI intervention likely to remain the key near-term drivers.'

The rupee's trading range has been influenced by RBI's continued intervention through state-run banks, which has prevented a sharper decline despite weakness in Asian equities and renewed geopolitical uncertainty around Iran.