Indian central bank likely intervenes to support rupee, traders say

Business Recorder, citing three traders who spoke to Reuters, reported that the Reserve Bank of India probably stepped into the foreign exchange market on Wednesday. The move came as high oil prices and an expected interest rate increase by the US Federal Reserve weighed on the rupee. At 95.8725 per dollar, the currency had gained 0.1% after slipping to its weakest point in over a month in the previous session.

Traders said state-run banks were seen quoting dollar prices, most likely acting for the central bank. The RBI has been stepping in often to prop up the rupee, which has kept its slide in check despite several pressures. The information comes from traders, not from the central bank itself.