Three traders said that the Bank of India probably intervened in the foreign exchange market on Friday because the uncertainty brought about by the Middle East conflict led to low risk appetite and high oil prices. Supported by the intervention, the rupee remained stable at 95.40 rupees per dollar. The exchange rate successfully held the important psychological threshold of 95.50, similar to the trend for most of this week. Interventions effectively curbed the depreciation of the rupee. The rupee has been fluctuating between 95.17 and 95.4450 against the dollar so far this week.

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