MUMBAI, June 3 (Reuters) – 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.