RBI likely intervened to support rupee amid rising oil prices
The Reserve Bank of India likely intervened in the forex market to shield the rupee as global oil prices increased, traders said. State-run banks were observed offering dollars in the market, a move typically associated with RBI support operations.
The rupee faces depreciation pressure when crude oil prices rise, as India imports most of its oil. Such interventions are common practice to manage currency volatility and protect the rupee from sharp movements.
