The Reserve Bank of India may have intervened to ease pressure on the rupee
According to Golden Ten Data on July 1, citing foreign media reports, four interviewed traders stated that the Reserve Bank of India may have intervened in the foreign exchange market on Wednesday to support the rupee. This intervention followed Iran's announcement that it would not meet with the US envoy, which caused Asian currencies to weaken and subsequently dragged down the rupee. The traders indicated they had observed Indian state-owned banks selling US dollars, most likely acting on behalf of the Reserve Bank of India.
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