Indian central bank likely steps in to defend rupee, traders say

MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Monday, four traders told Reuters, as uncertainty over the Middle East conflict kept oil prices elevated and sentiment jittery.

The rupee slipped in early trading to 95.49 per dollar, but its losses were contained by state-run banks’ dollar sales, most likely on behalf of the RBI, traders said.

Indian central bank likely intervenes to support Indian rupee, traders say

The central bank has intervened in the foreign exchange market frequently over the last week, a move which traders reckon is intended to anchor expectations surrounding the currency.

On the day, Brent crude oil futures were up 0.3% at $88.8 per barrel.