The Reserve Bank of India likely intervened in the foreign exchange market on Monday to support the rupee, four traders told Reuters, helping the currency withstand pressure coming from a broadly stronger dollar and volatile oil prices.
The rupee was at 96.24 per dollar, marginally higher from its close at 96.3150 in the previous session.
State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said. The dollar index was up 0.6% at 102.5, at its highest level in more than one year.
