Rupee pinned just shy of 96/USD as RBI intervention counters oil woes

The Indian rupee experienced a slight dip as surging oil prices emerged from stalled diplomacy between the US and Iran. With escalating tensions across the Middle East, Brent crude oil rose considerably. To counteract further declines, the Reserve Bank of India stepped in to ensure the rupee remained above the 96 per dollar threshold. Consequently, India's foreign exchange reserves fell, reflecting these currency stabilization efforts.