Indian central bank likely intervenes to support rupee, traders say

Six traders told Reuters that the Reserve Bank of India probably stepped into the foreign exchange market on Wednesday, and Business Recorder carried the account. Worries linked to the Iran war have kept crude prices high and weighed on the South Asian currency. The central bank's apparent action helped the rupee hold its ground.

The rupee held steady as a result, trading at 95.41 per dollar, barely different from the 95.4350 close in the previous session. Within the day it has stayed inside a band of 95.40 to 95.4325. Brent crude futures were up 0.3% at $89.2 a barrel when last quoted.

Another headline in the same report said investors were looking ahead to inflation figures. The account rests on six traders speaking to Reuters, with no official confirmation cited, and the report gives no size for the intervention.