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The Reserve Bank of India likely intervened in the foreign exchange market on Friday, three traders told Reuters, as uncertainty over the West Asia conflict kept risk appetite muted and oil prices elevated.
The rupee was steady on the back of the intervention at 95.40 per dollar. It managed to hold above the psychologically important 95.50 level, similar to price action seen over much of this week where interventions have kept a firm lid on the currency’s losses.
Over the week so far, the rupee has hovered in a 95.17-95.4450 range.