Informed traders said that India's central bank sold US dollars in both onshore and offshore foreign exchange markets in order to support the local currency, the rupee. The people concerned were not authorized to speak publicly, so they requested anonymity.
The USD/INR exchange rate fell by as much as 0.2% to 94.7850. The currency pair has declined by about 2% since last week.
A spokesperson for the Reserve Bank of India did not immediately respond to an email seeking comment.
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