Indian central bank likely intervenes to support rupee as oil prices weigh, traders say

MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Tuesday, two traders and a foreign exchange broker told Reuters, after the rupee dropped past the 96 per dollar mark to hit a two-month low amid deepening worries about rising oil prices.

The rupee declined to a low of 96.1575 per dollar before paring losses to last quote at 96.1125.

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