Indian central bank likely intervenes to support rupee, traders say

Business Recorder, citing Reuters, reported that the Reserve Bank of India likely stepped into currency markets on Monday to shore up the rupee. Four traders said government-owned lenders were observed selling greenbacks on Monday, probably acting for the central bank. The rupee stood at 96.24 per dollar, a slight gain on the prior session's close of 96.3150.

The intervention came as the currency faced pressure from a firmer greenback and unstable oil prices. The dollar index climbed 0.6 per cent to 102.5, its loftiest level in more than a year. The rupee's small gain came despite a broadly stronger dollar. Because every detail comes from traders' accounts, the central bank's role is described as likely rather than confirmed.