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The Reserve Bank of India
likely intervened in the foreign exchange market on Tuesday,
four traders told Reuters, as rising oil prices and growing
wagers on a rate hike in the US this week pressured the South
Asian unit.
The rupee declined 0.2% to 95.79, hovering around
its weakest levels in a month.
State-run banks were spotted offering dollars, most likely
on behalf of the RBI, the traders said. The dollar sales were
not “especially heavy” in nature and are likely intended to
limit excessive volatility, a trader at a Mumbai-based bank
said.
Brent crude oil prices were last up 1.2% at $106.9
per barrel.