Indian rupee gains as oil comes off; inflows, RBI intervention in focus

The Indian rupee rose 0.2% to 96.2350 against the US dollar on Tuesday, supported by a decline in oil prices of over 1% and better-than-expected inflows from RBI measures. The central bank reported its capital flow schemes mobilised $20.72 billion between June 8 and July 17, while Nomura analysts estimate total inflows of $55 billion from the NRI deposit scheme. Market participants remain focused on the scale of RBI intervention to defend the currency, amid reported internal divergence over the extent of intervention.