The rupee rose on Thursday, its first day of ​gains in two weeks, after the central bank shored up the ‌currency through firm intervention, while a media report that ​policy options including a potential rate hike are ⁠being weighed for its defence also helped.The rupee closed at 96.20, up 0.6% from its close at 96.82 in the previous ‌session, its best one-day gain in two weeks.The Reserve Bank of India deployed a familiar intervention strategy ‌on Thursday, conducting heavy dollar sales via state-run banks ‌before ⁠market open to halt a persistent slide in the ⁠rupee after a string of all-time lows in recent sessions, traders said.The currency fleetingly climbed above the 96 per dollar mark before shedding intervention-led ​gains. Traders said that intermittent ‌dollar sales from state-run banks persisted through the session.The intent of intervention was visibly more aggressive than recent sessions, signalling discomfort with the one-way rupee moves from 94.50 on ‌May 8 to a record low of 96.96 ​hit on Wednesday, a trader with a private sector bank said.India is considering all available ⁠options to stabilise the rupee, including an interest rate hike, Bloomberg News reported on Thursday, citing people familiar with the matter.Asian ‌currencies were down between 0.1% to 0.4% as Brent crude oil futures hovered north of $100 per barrel, with investors awaiting developments in U.S.-Iran negotiations to end the war, which has lifted global oil prices by over 50%.U.S. President Donald Trump has suggested he could wait a few days ‌for “the right answers” from Tehran but was also willing to resume attacks ​on the country.“The dollar’s contained reaction to Trump’s comments leaves a relatively larger scope for further ⁠downside if a deal is indeed about to be agreed,” analysts ⁠at ING said in a note.“But it also confirms thinner market patience, and a new period ‌of a stall in negotiations could end up taking (the dollar index) above the 99.50 mark.” The dollar index was last ​at 99.1.Published on May 21, 2026