The Reserve Bank ​of India likely intervened in ‌the foreign exchange market ​to shore ⁠up the rupee ahead of the local spot market ‌open on Friday, five traders told ‌Reuters.

The central bank’s ‌intervention ⁠helped the rupee ⁠kick off the local spot market session on a ​stronger note ‌with the currency opening at 95.55 per U.S. dollar.

Before the central ‌bank’s likely intervention, ​the rupee was quoting around 95.77-95.78 per ⁠dollar but jumped quickly following state-run banks’ dollar ‌sales, most likely on behalf of the Reserve Bank of India.

Traders expect outflows related to maturing ‌contracts in the non-deliverable forward ​market to pressure the rupee on ⁠Friday even as oil prices ⁠fell following reports of a ceasefire extension ‌between the U.S. and Iran.

Published on May 29, 2026