An informed trader revealed that the Bank of India sold the US dollar to support the rupee in the onshore foreign exchange market. Since it has no right to make public statements, relevant people requested anonymity. The exchange rate of the US dollar was basically flat against the Indian rupee, at 95.7363. Currently, there is still uncertainty about whether the Strait of Hormuz can be reopened, and the price of Brent crude oil has risen slightly. India is a major importer of petroleum commodities, and high oil prices will widen the country's trade deficit and drive up inflation.

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