Mumbai: The Indian central bank likely intervened in the foreign exchange market on Wednesday to limit the rupee's fall, four traders told Reuters, as a rise in crude prices on renewed U.S.-Iran hostilities pressured the South Asian currency.The rupee was at 95.47 per dollar, down 0.2% on the day.State-run banks were spotted offering dollars near the 95.50 mark, a trader at a Mumbai-based bank said.Renewed hostilities in the Middle East sparked the third consecutive daily rise in oil prices, with Brent crude rising about 1% to nearly $97 per barrel.
RBI likely intervenes to limit rupee's fall: Traders
The Indian central bank likely stepped into the foreign exchange market on Wednesday. This action aimed to curb the rupee's decline. Renewed U.S.-Iran hostilities pushed crude oil prices higher. Brent crude rose about one percent to nearly ninety-seven dollars per barrel. The rupee was trading at ninety-five point forty-seven per dollar, down zero point two percent.
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