Indian rupee closes at 95.59 per dollar as oil falls
The Indian rupee got a little stronger against the US dollar on Tuesday, closing at 95.59 per dollar (up from 95.81 the day before).
This jump came after global oil prices dipped to $98 per barrel, which was good news for India.
The rupee moved between 95.58 and 95.86 during the day, reflecting some market ups and downs.
RBI, state banks sell dollars
To keep the rupee from slipping further, especially with corporate demand for dollars, the Reserve Bank of India (RBI) sold dollars at key moments, especially near the 95.85 mark.
State-run banks also pitched in by selling dollars to support the currency.
As Anil Bhansali, head of treasury, Finrex Treasury Advisors, put it, RBI's timely moves really helped keep things stable and showed how important its role is in managing these swings.