The rupee was at 96.7575 per dollar in early trading, little changed on the day, but averted a fall to its record low of 96.96 hit in May.
| Photo Credit:
FRANCIS MASCARENHAS
The Reserve Bank of India likely intervened in the FX market on Friday to support the rupee as the currency neared its all-time low, three traders told Reuters, with the unit battered by persistent portfolio outflows and elevated oil prices due to the Iran war.
The rupee was at 96.7575 per dollar in early trading, little changed on the day, but averted a fall to its record low of 96.96 hit in May.
State-run banks were spotted offering dollars right before the local spot market opened, most likely on behalf of the RBI, the traders said.
The central bank had been a regular presence in the foreign exchange market over the last several sessions. However, persistently elevated oil prices, portfolio outflows and higher US Treasury yields have continued to pressure the rupee.
Published on October 9, 2026
