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The Reserve Bank of India likely
stepped into the foreign exchange market on Wednesday to shield
the rupee from pressure due to persistently elevated oil prices
amid uncertainty over the US-Iran war.
The rupee was on track for a quiet open and was
hovering at 95.70 on the interbank order matching system before
the local spot market opened at 9 a.m. IST.
State-run banks were spotted offering dollars, most likely
on behalf of the RBI, traders said.