India Central Bank Intervenes to Support Rupee
India central bank likely sold dollars before the spot market opened on Tuesday. The intervention lifted the rupee towards the key psychological 95 per dollar level.
India's central bank sold U.S. dollars during Tuesday morning's pre-market session, lifting the local rupee to 95.0250 per dollar. The intervention drove the currency up from its previous close of 95.1625 on the interbank order-matching system. Two traders and an FX broker confirmed the central bank's early market action.
