The Reserve Bank of India likely stepped into the foreign exchange market on Wednesday to shield the rupee from pressure due to persistently elevated oil prices amid uncertainty over the U.S.-Iran war.
The rupee was on track for a quiet open and was hovering at 95.70 on the interbank order matching system before the local spot market opened at 9 a.m. IST.
State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said.
