India’s Central Bank May Have Intervened to Support Rupee, Traders Say

India’s central bank may have intervened in the foreign-exchange market on Wednesday to support the rupee, four traders said. According to Jin10, the traders said Asian currencies weakened after Iran said it would not meet with a U.S. envoy, adding pressure on the rupee. The traders said they observed Indian state-owned banks selling U.S. dollars, which they believed was likely done on behalf of the Reserve Bank of India.