The Reserve Bank of India (India’s central bank) likely intervened in the foreign exchange market on Friday to limit the rupee’s decline as rising oil prices and U.S. bond yields pressured the currency, according to three bank FX traders and one FX brokerage trader. The rupee fell as much as 0.4% to 95.7925 before recovering part of the loss and last trading at 95.7275. State-run banks were seen offering dollars, most likely on behalf of the RBI. Brent crude prices rose to nearly $110 a barrel in Asian trading as investor concerns intensified over the escalating conflict in the Middle East.