Indian central bank likely intervenes to keep lid on rupee weakness, traders say

MUMBAI: The Indian central bank likely intervened in the foreign exchange market on Tuesday, four traders told Reuters on Tuesday, to shield the currency against pressure on account of elevated oil prices and sustained corporate dollar demand.

The rupee was little changed on the day at 95.7350 per dollar, clinging to an under 1-paisa trading range as interventions continued to sap volatility.

Indian central bank likely intervenes to support rupee, traders say

State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, traders said. Sustained interventions over recent trading sessions have kept the rupee anchored in a tight band despite volatility in global markets.