Trader: The Indian central bank may have intervened in the foreign exchange market to support the rupee.

Three traders stated that the Reserve Bank of India likely intervened in the foreign exchange market on Friday, as uncertainty stemming from the Middle East conflict has led to low risk appetite and persistently high oil prices. Supported by the intervention, the rupee remained stable, valued at 95.40 rupees to 1 dollar. This exchange rate successfully held the important psychological barrier of 95.50, similar to the trend for most of this week, as the intervention measures effectively curtailed the rupee's depreciation. So far this week, the rupee has fluctuated in the range of 95.17 to 95.4450 to the dollar.