Reserve Bank of India steps in to support rupee- Reuters

The Reserve Bank of India entered the foreign exchange market Thursday to limit pressure on the rupee, Reuters reported on Thursday, citing four traders.

The traders described the central bank’s action as mild. State-run banks were seen offering dollars, most likely on behalf of the RBI, the Reuters report said.

The rupee’s USDINR pair rose 0.14% to 95.358 INR. The pair remained close to record highs of nearly 97 INR reached earlier this month.