The Indian central bank likely intervened in the foreign exchange market on Friday, three traders told Reuters, to protect the rupee against pressure due to elevated oil prices and sustained corporate hedging flows.
The rupee was little changed on the day at 95.6875 per dollar, on course for a modest weekly decline.
Persistent interventions by the Reserve Bank of India over the last two weeks have helped anchor the currency, traders said. State-run banks were offering dollars on Friday as well, most likely on behalf of the RBI, a trader at a private bank said.
