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HomeBusinessIndia central bank likely intervenes to cushion rupee losses near record low,...

India central bank likely intervenes to cushion rupee losses near record low, traders say

MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Wednesday, three traders said, as the rupee hovered near an all-time low amid pressure from maturing non-deliverable forward contracts. The rupee was at 93. 9225 per US dollar as of 10: 15 a. m. IST, down 0. 1% from the previous close and within touching distance of its record low of 93. 98 hit on Monday.

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