Rupee ends nearly flat as central bank intervention blunts oil strain

The Indian rupee closed nearly flat at 96.5725 per dollar as state-run banks, likely acting on behalf of the Reserve Bank of India, sold dollars to blunt the impact of a 4% surge in Brent crude to over $98 a barrel. The oil rally was driven by Yemen Houthi strikes on Saudi oil tankers, raising supply-disruption fears, and short positions on the rupee climbed to a one-month peak. Nifty 50 fell 0.5% for a fourth straight session and benchmark 10-year bond yields touched a one-month high as elevated oil prices threatened inflation, growth, and the current account deficit.