Rupee Closes Flat As RBI Intervenes Amid Oil Price Volatility
· Business · Economic Times, LiveMint
The Indian rupee ended nearly flat at 95.98 per dollar on Tuesday after hitting a two-month low earlier in the session. Crude oil prices remained the primary driver of currency movement, with Brent oil peaking near $108 per barrel before cooling. State-run banks, likely acting for the Reserve Bank of India, conducted dollar sales to limit the currency's decline. Traders are now focused on upcoming US economic data and the potential for interest rate shifts.
Why it matters
As India imports nearly 90% of its crude oil, volatility in global energy prices directly impacts the rupee's value and domestic inflation.
Read the original report — Economic Times
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