The Indian rupee pared initial losses and settled for the day with gains of 26 paise at 95.17 (provisional) against the US dollar on Monday, on possible RBI intervention, as rising crude oil prices and geopolitical strain weighed on the local unit. At the interbank foreign exchange, the rupee opened at 95.56 and oscillated between 95.11 and 95.56 during the session. At the end of Monday's trading session, the rupee was quoted at 95.17 (provisional), higher by 26 paise from its previous close. Local shares ended Monday's session modestly lower and logged monthly declines in the wake of renewed Middle East tensions and Fed Chair Kevin Warsh's hawkish Jackson Hole remarks. Brent crude prices jumped more than 3 percent to trade above $91 a barrel as an escalation in tensions between Washington and Tehran raised fears of supply disruptions through the Strait of Hormuz.
