A man speaks on his phone as he walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, February 7, 2025. REUTERS
MUMBAI, July 30 (Reuters) – The Indian central bank likely stepped in to support the rupee on Wednesday, five traders told Reuters, as worries over higher U.S. tariff rates on Indian exports pushed the currency to an over four-month low.
The rupee was last quoted at 87.11 per U.S. dollar, down 0.3% on the day. The currency was a tad above the day’s low of 87.13 hit in early trading.
Traders pointed to dollar sales from Indian banks, most likely on behalf of the Reserve Bank of India, which helped limit the rupee’s losses.
The dollar offers were “not unusually large and intermittent,” a trader at a private sector lender said.
The dollar index was down 0.1% while Asian currencies were mostly rangebound.
(This story has been refiled to say dollars, not dollar, in the headline)
Reporting by Jaspreet Kalra, Dharamraj Dhutia; Editng by Eileen Soreng
