Indian central bank likely intervenes to shield rupee from oil strain, traders say

According to Business Recorder, the Reserve Bank of India probably entered the currency market on Wednesday to protect the rupee. Traders linked the strain to oil prices that have remained high and to doubts surrounding the U.S.-Iran war.

Before the local spot session began at 9 a.m. IST, the rupee was holding near 95.70 on the interbank order matching system, with trading expected to be calm. Dealers at state-run banks were seen selling dollars, most likely on the central bank's behalf, the traders said.

A related headline in the same report said the rupee had slipped to a three-week low, and market participants were cautious about a possible move toward 96 per dollar. The item focuses on currency markets rather than on any listed company.