Market sources suggest the Reserve Bank of India intervened to curb rupee depreciation as the currency nears record lows.
The Reserve Bank of India is believed to have sold USD to support the rupee, according to market speculation. The intervention comes as the INR faces downward pressure, trading near multi-year lows against the dollar.
Recent trends show the INR weakening despite prior central bank efforts to stabilize the currency. Analysts note that similar interventions have occurred in past periods of volatility, though official confirmation remains absent.
No immediate market reaction was detailed, but traders are monitoring the situation for further signs of central bank activity.