Indian central bank likely steps in to avert rupee record low as oil surges, traders say

[MUMBAI] The Reserve Bank of India likely intervened in the foreign exchange market on Friday (Jul 24), three traders told Reuters, as the rupee neared its all-time low, with Brent crude oil prices rising past US$100 per barrel amid the intensifying conflict in the Middle East.

The rupee was hovering around 96.70 per dollar on the interbank order matching system as of 8.55 am IST, holding above its all-time low of 96.96 hit in May.

State-run banks were spotted offering dollars, most likely on the RBI’s behalf, one of the traders said. REUTERS