India's Central Bank May Have Intervened After Rupee Slides to 95.5925 per Dollar

The Indian central bank may have intervened in the foreign-exchange market on Wednesday after the rupee fell sharply against the U.S. dollar, traders said. According to Jin10, four traders said the Reserve Bank of India may have stepped in after U.S. President Donald Trump said an agreement with Iran to end the conflict had been "terminated," sending oil prices sharply higher. The rupee weakened on the news and at one point fell to 95.5925 per dollar. Traders said the central bank may have sold U.S. dollars to limit the rupee's depreciation, after which the exchange rate stabilized.