Rupee soothed by intervention, surge in forward premiums tipped to cool

The Indian rupee strengthened slightly against the dollar as oil prices declined and the central bank intervened. Oil prices fell about 2%, remaining above $100 per barrel amid ongoing geopolitical tensions. Higher bond yields have pressured emerging market currencies, including the rupee, with India's stock index experiencing a losing streak. The Reserve Bank of India has employed various measures to stabilize the currency amid these pressures.