Informed traders said that the Bank of India sold the US dollar in offshore and local foreign exchange markets to support the Indian rupee exchange rate. These traders requested anonymity due to unauthorised public statements. USD/rupee rose 0.3% to 95.8087, the highest level since July 28. As oil prices continue to rise, the local currency is under pressure. The rupee has depreciated by more than 6% this year, underperforming most Asian currencies.

Informed traders said that the Bank of India sold the US dollar in offshore and local foreign exchange markets to support the Indian rupee exchange rate. These traders requested anonymity due to unauthorised public statements. USD/rupee rose 0.3% to 95.8087, the highest level since July 28. As oil prices continue to rise, the local currency is under pressure. The rupee has depreciated by more than 6% this year, underperforming most Asian currencies.