Mumbai: The Indian rupee held above 95 to the dollar for the second consecutive day on Wednesday, closing at 94.97 compared to its previous close of 94.95. Market traders attributed the currency's steady performance to aggressive dollar sales executed by the central bank despite leaping oil prices and an unprecedented global yield spike.

Throughout the session, the currency moved within a narrow band between 94.89 and 94.98. Traders indicated that state-run banks were likely selling dollars on behalf of the Reserve Bank of India at weaker levels to prevent the rupee from depreciating past the 95 mark.

Key market highlights from the session include:

• Rupee Close: Ended at 94.97 after a previous close of 94.95.
• Trading Band: Narrow intraday range of 94.89 to 94.98.
• Stock Market Impact: The equity market saw volatility, with the Nifty closing below the 24,000 mark for the first time in six weeks.