India's Central Bank Likely Selling Dollars to Support Rupee at 95.49 on July 9

According to traders, India's central bank likely intervened on July 9 to support the rupee amid rising oil prices from Middle East tensions. The rupee traded at 95.49 against the dollar, slightly stronger than the previous close of 95.5550. Traders observed at least two state-owned banks selling dollars, likely acting on behalf of the Reserve Bank of India.
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