India, Oct. 19 -- The Indian rupee strengthened by 9 paise to 94.80 against the US dollar in early trade on Monday, supported by the continuing impact of the Reserve Bank of India's (RBI) foreign exchange market interventions.
Forex market participants said the rupee has recorded its sharpest rally in seven months. However, the surge in Brent crude oil prices to $110 per barrel remains a major risk to the currency's recovery.
The rupee is approaching a key level near 94 against the US dollar amid persistent pressure from elevated crude oil prices, rising US Treasury yields and sustained foreign capital outflows. These factors have prompted the RBI to step up its market interventions to support the domestic currency, according to forex tra...