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Indian rupee rises most in nearly two months after central bank intervention and oil price decline
The Indian rupee posted its strongest single-day gain in nearly two months. Officials intervened in currency markets while global oil prices fell.
May 29, 7:50 AM·1m read1 source
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Market data showed the rupee strengthening against the U.S. dollar during the session. Officials purchased dollars to support the currency, according to market participants.
Oil price movement Brent crude futures fell during the same period.
Lower oil prices reduce import costs for India, which purchases most of its crude abroad. Traders linked the currency move to the combination of official intervention and the decline in energy prices. No further details on the size of the intervention were released.
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