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Lots of government intervention to prop up India's rupee too
Indian Rupee Posts Strongest Week Since March on Central Bank Support
By Jaspreet Kalra
Reuters
Thursday, July 30, 2026
MUMBAI -- The Indian rupee ended stronger today, with persistent central bank interventions boosting the currency to its strongest weekly gain since March.
The currency rose 0.3% on the day and about 1% week-on-week to end at 95.38 per dollar. On the month, though, it slipped about 0.7% as oil prices climbed due to renewed hostilities in the Middle East. ...
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Worries over the impact of oil prices have exerted pressure on the rupee. The currency appeared vulnerable to breaching record lows last week but was shored up by firm central bank intervention last Friday, with the support continuing this week.
Traders in the foreign exchange market have pointed to a pickup in quick but aggressive dollar sales by state-run banks, often at times when market liquidity appears to be thinning.
"The intent seems to be to find pockets to push USD/INR lower without using a large amount of firepower," a trader at a foreign bank said, referring to the quantum of dollar sales. ...
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