<h1>Central bank interventions drive modest rupee recovery but foreign investor outflows and weak equities limit gains, volatility expected</h1> The central bank's continued market intervention under the foreign exchange regulatory framework supported a modest recovery of the rupee against the dollar, though persistent foreign institutional investor outflows and weak domestic equities constrained gains. Regulators can expect heightened volatility and may deploy further interventions or guidance to stabilize exchange rates and capital flows. Market participants should anticipate limited near-term appreciation, a defined trading range, and operational impacts from upcoming market closures. Ongoing crude price moves and global dollar strength remain legal-economic risk factors influencing monetary policy and foreign exchange management.