India's central bank likely intervened near open to support rupee, traders say

Business Recorder, citing Reuters, reported that the Reserve Bank of India probably sold dollars shortly after the market opened on Thursday. Four traders told the news agency that the central bank's action was aimed at propping up the rupee, which was close to its record low against the dollar. The report presents the intervention as likely rather than confirmed, based on what the traders said.

The rupee opened at 96.6825 per dollar, firmer than market expectations of an opening near 96.80, with signs of intervention visible at the start of trading. The currency's all-time low is 96.96 per dollar, a level it reached in May. The rupee is therefore only a short distance from that record low.