Indian rupee near 94.4 per dollar after RBI support
Indian rupee rose to around 94.4 per dollar and hit more than two-month highs, helped by persistent Reserve Bank of India intervention and expectations of continued dollar selling. Traders cite RBI FX reserve capacity amid foreign-currency inflows.
4 per dollar, marking more than two-month highs as persistent Reserve Bank of India intervention and expectations of continued dollar selling supported the currency. 9% last week, with traders saying the RBI's sustained presence helped insulate it from negative global cues. They also said the central bank's ability to draw on larger foreign exchange reserves after a surge in foreign-currency inflows has strengthened its capacity to support the currency and contain volatility.
8% last week to a six-week high of around $97 a barrel after escalating US-Iran tensions raised concerns over prolonged supply disruptions, while stronger-than-expected US jobs data increased the likelihood of a Fed rate hike at its Sept. 15-16 meeting. Attention now turns to US August inflation data due Friday, which could influence expectations for the Fed's policy decision.