Traders pointed to dollar sales from Indian banks, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses.
| Photo Credit:
FRANCIS MASCARENHAS
The Indian central bank likely stepped in to support the rupee on Wednesday, five traders told Reuters, as worries over higher US tariff rates on Indian exports pushed the currency to an over four-month low.
The rupee was last quoted at 87.11 per US dollar, down 0.3 per cent on the day. The currency was a tad above the day’s low of 87.13 hit in early trading.
Traders pointed to dollar sales from Indian banks, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses.
The dollar offers were “not unusually large and intermittent,” a trader at a private sector lender said.
The dollar index was down 0.1 per cent while Asian currencies were mostly rangebound.
Published on July 30, 2025
