Cutting of speculative short positions on the rupee also helped it trim losses after the RBI stepped in, a trader at a private bank said.
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SUDERSHAN V
The Indian central bank likely stepped in to support the rupee on Thursday, six traders told Reuters, as the currency came under pressure after U.S. President Trump threatened a 25 per cent charge on Indian exports.
The rupee was last quoted at 87.64 against the US dollar as of 09:25 a.m. IST, after hitting an over five-month low of 87.74 in early trading. The currency had hit at an all-time low of 87.95 in February.
State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s fall, traders said.
The dollar index was little changed at 99.7, while Asian currencies were mostly weaker.
Cutting of speculative short positions on the rupee also helped it trim losses after the RBI stepped in, a trader at a private bank said.
Published on July 31, 2025
