The Indian rupee held near 95.4 per dollar, close to a two-week high after the holiday break. Lower Brent crude prices and almost-daily intervention by the Reserve Bank of India (India’s central bank) helped counter expectations of a Federal Reserve rate hike next month and continued demand for dollars from importers seeking hedging protection. The dollar index remained near an eight-day high after U.S. inflation data strengthened expectations of a September rate increase, while markets awaited Fed Chair Kevin Warsh’s speech at Jackson Hole for signals on the interest-rate outlook. Persistent importer demand is expected to limit further declines in USD/INR, the rupee-dollar exchange rate.