Indian central bank likely intervenes to shield rupee from oil strain, traders say

MUMBAI: The Reserve Bank of India likely stepped into the foreign exchange market on Wednesday to shield the rupee from pressure due to persistently elevated oil prices amid uncertainty over the U.S.-Iran war.

The rupee was on track for a quiet open and was hovering at 95.70 on the interbank order matching system before the local spot market opened at 9 a.m. IST.

Indian rupee hits three-week low, traders wary about fall to 96/USD as RBI stands guard

State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said.