RBI Defends Rupee

MumbaiLikely central-bank dollar sales lifted the rupee to 95.02.

India imports most of its oil, so persistently high crude prices drain the currency.

Brent crude, $109.70 a barrel on 26 October, raises the import bill and with it demand for dollars.

Traders say state-run banks offered dollars, most likely on behalf of the Reserve Bank of India.

Polymarket traders give a US-Iran Hormuz agreement by 2 November a 5% chance, down 9 points in a week.

Sources: Reuters