Traders familiar with the matter said the Reserve Bank of India stepped into the domestic foreign exchange market on Tuesday, selling US dollars to bolster the rupee's exchange rate. These traders spoke on condition of anonymity as they were not authorized to discuss the transactions publicly.
The dollar-rupee pair advanced 0.4% to 94.8900. A spokesperson for the Indian central bank did not immediately respond to an email requesting comment.
Notably, the rupee has depreciated by more than 5% so far this year, underperforming most of its Asian peers.
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