The Indian rupee traded in a narrow range on Monday, wedged between sustained market intervention by the Reserve Bank of India and a rise in oil prices as strikes on vessels sailing through the Strait of Hormuz stoked worries over energy flows.
The rupee closed at 94.4850 per dollar, unchanged from its closing level on Friday. The currency spent the session in about a 10-paisa trading range with bankers pointing to consistent dollar sales from state-run banks, most likely on behalf of the RBI.
