Trader: Reserve Bank of India Sells Dollars to Support Rupee

According to Sina Finance, informed traders said the Reserve Bank of India sold U.S. dollars in offshore and local foreign-exchange markets to support the Indian rupee. The dollar/rupee pair rose 0.3% to 95.8087, its highest level since July 28. Local currency pressure increased as oil prices continued to rise, and the rupee has fallen more than 6% this year, lagging most Asian currencies. A Reserve Bank of India spokesperson had not replied to an email seeking comment.