Recent Reserve Bank of India measures help stabilize the rupee despite upward pressure from oil prices and a stronger dollar.
The Indian rupee remained steady near 96.57 against the US dollar on Friday, supported by Reserve Bank of India inflow measures. USD/INR has risen since early July, driven by higher oil prices exerting downward pressure on the currency.
Analysts note that a recent pullback in oil prices may reduce some strain on the rupee. The pair’s stability follows a period of volatility, with prior levels fluctuating amid global commodity shifts and dollar strength.
No immediate market reaction was specified, though the rupee’s resilience reflects ongoing central bank intervention and external economic factors.