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The Reserve Bank of India
likely intervened in the foreign exchange market on Wednesday,
four traders told Reuters, likely to bolster the rupee’s recent
recovery from near record low levels.
The rupee rose to 94.95 per dollar, up about 0.3%
from its previous close and 2% higher on the week so far.
The RBI has rolled out a series of measures to address the
dollar demand-supply imbalance that had kept the rupee under
sustained pressure. Central bank chief Sanjay Malhotra said on
Tuesday that further steps may be taken to ensure orderly
movement in the currency.
State-run banks were spotted offering dollars in early
trading on Wednesday, most likely on behalf of the RBI, traders
said.