Indian central bank likely intervenes to limit rupee’s fall, traders say

MUMBAI, Sept 17 (Reuters) – The Reserve Bank of India likely ​intervened in the foreign ‌exchange market on Thursday, four traders told Reuters, as ​the currency fell past ​the 96 per dollar ⁠mark for the first ​time in over a ​month after the U.S. Federal Reserve hiked rates.

The rupee was at ​96.08 per dollar, ​down 0.1% from its closing level ‌in ⁠the previous session.

State-run banks were spotted offering dollars, most likely on behalf ​of the ​RBI, ⁠traders said. Persistent central bank intervention ​has supported the rupee ​in ⁠the face of multiple headwinds ranging from higher ⁠oil ​prices to ​elevated global bond yields.

Reporting by Jaspreet ​Kalra; Editing by Nivedita Bhattacharjee.