Indian central bank likely intervenes as Indian rupee nears record low, traders say

MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Thursday to limit the rupee’s losses as a relentless rise in oil prices deepened the South Asian unit’s drift back towards record lows.

The rupee was at 96.48 per dollar, up 0.1% from its closing level in the previous session. The currency hit its all-time low of 96.96 in May.

India’s RBI likely used dollar deposit surge to cut record FX forward book, economists say