Rupee holds steady at 95.44 amidst RBI intervention

Mumbai: The Indian rupee was largely unchanged on Thursday and closed at 95.44, versus its previous close of 95.33, as dollar sales by the RBI kept the local unit in a tight range. Dollar demand from maturing forwards and debt-related outflows added pressure, which was countered by dollar sales from state run banks, traders said. Brent crude oil futures at $87 per barrel added further pressure on the currency.

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The rupee traded in a narrow 10 paise range of 95.35 and 95.45, while traders also held off from taking large bets, expecting RBI to intervene. The currency's one month implied volatility, a gauge of future expectations, fell to 4.2%, the lowest since early March, according to Reuters. The rupee is expected to be in the range of 95.25 to 95.75 on Friday, while dealers keep a close watch on RBI intervention.