Traders Say RBI Sold Dollars Offshore And Onshore To Support Rupee

Traders said India's central bank sold U.S. dollars in both offshore and onshore foreign-exchange markets to support the rupee, lifting the currency, according to 36Kr. The unnamed traders, who declined to be identified because they were not authorized to speak publicly, said the offshore dollar selling began before the local market opened at 9:00 a.m. Mumbai time. The one-month USD/INR NDF fell as much as 0.4% to 96.82, while the spot rate slipped 0.1% to 96.4962. Traders said the offshore dollar selling volume was large.