RBI intervention lifts Indian rupee to 95.38 per US dollar
Business
The Indian rupee just had its strongest week since March, ending Friday at 95.38 per US dollar, a nearly 1% jump for the week.
This boost came thanks to the RBI stepping in with targeted US dollar sales during low liquidity.
Still, higher global oil prices, driven by Middle East tensions, pushed the rupee down about 0.7% for the month.
Nifty IT rallies 16% in July
On a brighter note, India's Nifty IT index soared 16% in July, easily outpacing the Nifty 50's 2% rise.
Investors are now waiting to see what India's latest foreign exchange reserves and RBI data reveal next.