MUMBAI: The Indian rupee was little changed on Friday amid expectations that the country’s central bank will intervene, which countered weak risk appetite, a stronger US dollar and rising oil prices.

The rupee was at 83.4150 to the dollar at 9.52 a.m. IST compared with its previous close of 83.4375 and the 83.4550 record low hit on Thursday.

Asian currencies and equities were down, while Brent crude futures settled at its highest levels since October.

That the rupee “is holding” in the face of these factors is “obviously down to the belief” that the Reserve Bank of India (RBI) will yet again intervene, a trader at a bank said.

The RBI had sold dollars when the rupee dipped to a record low on Thursday.

Asian currencies struggled on Friday and risk assets retreated amid hawkish comments from Federal Reserve officials and mounting tensions in the Middle East.

Some Fed officials have adopted a more cautious tone on rate cuts this year in light of a resilient US economy. Minneapolis Fed President Neel Kashkari said inflation continues to stall, no cuts may be required at all this year.

Indian rupee ends at record closing low

Fed funds futures have prices in 75 basis points of rate cuts this year with a first cut expected in June.

Focus turns to the RBI’s monetary policy decision at 10:00 a.m. IST and the US monthly jobs report due later in the day.

“Arguably (payrolls) is the most influential number for markets. It sets the tone not just for Friday, but for the month ahead,” ING Bank said in a note.