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Three traders said on Thursday the Reserve Bank of India may have intervened in FX markets by selling dollars to support the rupee. Escalation in the Middle East pushed oil prices higher, weighing on India's currency as an energy net‑importer. USD/IN

2026-07-09

Three traders said on Thursday the Reserve Bank of India may have intervened in FX markets by selling dollars to support the rupee. Escalation in the Middle East pushed oil prices higher, weighing on India's currency as an energy net‑importer. USD/INR was 95.49, slightly firmer than the prior close of 95.5550. One trader said at least two state‑owned banks were observed selling dollars, likely on behalf of the RBI.

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