Indian rupee opens at ₹94.30 as oil nears $72
Business
The Indian rupee got a boost on Thursday, opening at ₹94.30 per US dollar, stronger than last session's ₹94.67.
This uptick happened as global oil prices fell to near $72 a barrel, easing pressure on the currency and helping it avoid crossing the ₹95 mark.
RBI sells US dollars via banks
With Brent crude nearly halved from its April peak, the Reserve Bank of India (RBI) stepped in by selling US dollars through nationalized banks to keep things steady.
Exporters also took advantage of better rates to buy US dollars during this window.
Analysts: oil and RBI support rupee
Even with tough global conditions like a strong US dollar and weaker Asian currencies, analysts say the rupee's stability is thanks to cheaper oil and RBI's timely actions, keeping currency swings in check for now.