Indian central bank likely intervenes to limit pressure on rupee, traders say

Business Recorder reported, citing five traders who spoke to Reuters, that the Indian central bank probably intervened in the currency market again on Thursday. The aim was to cushion the rupee against strain created by high levels of corporate hedging, along with derivative contracts nearing expiry.

The rupee was quoted at 95.6350 per dollar, up 0.1% from its previous close. Even so, the currency leaned on central bank support while most of its regional peers gained as the dollar softened broadly.

The account relies on five traders, so the intervention is described as likely rather than confirmed. The episode is a regional currency story, and it offers a view of how corporate hedging can influence exchange rates even when the dollar is weaker.