The Reserve Bank of India is believed to have intervened in the foreign exchange market to support the rupee ahead of the local spot market’s opening on Friday, according to five traders who spoke to Reuters.
This intervention resulted in the rupee starting the local spot market session on a stronger note, with the currency opening at 95.55 per U.S. dollar. Prior to this intervention, the rupee was trading around 95.77 to 95.78 per dollar but experienced a rapid increase following dollar sales from state-run banks, likely acting on behalf of the Reserve Bank of India.
Market participants are anticipating that outflows linked to maturing contracts in the non-deliverable forward market may put pressure on the rupee on Friday, even as oil prices have declined following reports of a ceasefire extension between the U.S. and Iran.
Published on May 29, 2026
