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Indian rupee sways with oil and intervention cues, keeping traders light-footed
MUMBAI: The Indian rupee swung between modest gains and losses before closing marginally higher on Tuesday, pushed around by volatility in oil prices, while likely central bank intervention supported the unit and swap operations drained excess cash. The Indian rupee rose 0.2% to end at 95.59 per dollar, helped by a 1.5% decline in Brent oil prices to $98.8 per barrel. Traders pointed to media reports stating that Iran had offered to reopen the Strait of Hormuz, a key energy artery,if the US eases military pressure and lifts its blockade. Oil prices were higher earlier in the session, weighing ...
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