MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market to support the rupee on Tuesday, three traders told Reuters, as worries over the fraying ceasefire between U.S. and Iran lifted oil prices, hurting the South Asian currency.
The Indian rupee fell to a record low of 95.6250 per dollar before paring losses to last quote around 95.47, down 0.2% from its closing level in the previous session.
Brent crude oil futures were up about 1% at $105.2 per barrel. Asian currencies were mostly down between 0.2% to 0.9%.