<h1>Central bank defends 88.20 level as currency edges to 88.11; FII selling and oil prices constrain appreciation</h1> The domestic currency strengthened marginally to 88.11 per US dollar in early trade, aided by a softer US dollar and lower global crude prices, while foreign institutional investor net sales limited further appreciation. The central bank has been intervening to defend a near-term level around 88.20. Equity indices rose concurrently. Market participants expect the currency to trade in a narrow range pending US non-farm payrolls data. The facts point to ongoing central bank market operations, cross-border capital flow volatility and commodity-price exposure as key regulatory and market-risk considerations for currency and securities regulators.