Indian central bank likely intervenes to support rupee, traders say

MUMBAI, Aug 10 (Reuters) – The Reserve Bank of India likely ​intervened in the foreign ‌exchange market on Monday to support the rupee, ​four traders told Reuters, ​amid lingering uncertainty over ⁠conflict in the Middle ​East.The rupee clung to ​a narrow trading range and was at 95.2275 per dollar, ​little changed from ​its close at 95.2075 in the ‌previous ⁠session.The central bank has intervened frequently over recent sessions, which traders reckon ​is ​intended ⁠to reinforce its recovery from near ​record lows in ​late ⁠July.State-run banks were spotted offering dollars, most likely ⁠on ​behalf of the ​RBI, traders said.

Reporting by Jaspreet Kalra; ​Editing by Mrigank Dhaniwala.