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The Reserve Bank of India
likely intervened in the foreign exchange market on Monday, four
traders told Reuters, maintaining its firm presence in the FX
market, which has helped the rupee withstand pressure from
rising oil prices.
The rupee was lifted about 0.1 per cent by the intervention
and was last hovering at 94.42 per dollar, compared with its
close at 94.4850 in the previous session.
Brent crude oil futures rose 0.5 per cent to $96.8 per
barrel as tit-for-tat strikes between the US and Iran on
vessels sailing in the Strait of Hormuz and other areas
heightened concerns of a prolonged supply disruption from the
Middle East.