A number of people familiar with the transaction, who did not wish to be named, revealed that the Reserve Bank of India sold the US dollar in the domestic foreign exchange market to support the rupee exchange rate. The relevant personnel did not have official permission to speak out to the outside world, so they chose to remain anonymous. The US dollar rose as high as 0.5% against the Indian rupee, hitting around 95.78, a new high since June 4. Traders said that the Bank of India sold the dollar near the 95.75 price level. The rupee depreciated sharply due to another US attack on Iran and the rise in international oil prices. Affected by the two factors of the situation in the Middle East, which has driven up oil prices and the recent strengthening of the US dollar, the cumulative decline in the rupee has exceeded 6% this year.

A number of people familiar with the transaction, who did not wish to be named, revealed that the Reserve Bank of India sold the US dollar in the domestic foreign exchange market to support the rupee exchange rate. The relevant personnel did not have official permission to speak out to the outside world, so they chose to remain anonymous. The US dollar rose as high as 0.5% against the Indian rupee, hitting around 95.78, a new high since June 4. Traders said that the Bank of India sold the dollar near the 95.75 price level. The rupee depreciated sharply due to another US attack on Iran and the rise in international oil prices. Affected by the two factors of the situation in the Middle East, which has driven up oil prices and the recent strengthening of the US dollar, the cumulative decline in the rupee has exceeded 6% this year.