Rupee Steadies as India's Central Bank Steps In Again

India's central bank likely intervened in the foreign exchange market again on Thursday the five traders told Reuters to protect the rupee from pressure caused by heavy corporate hedging and maturing derivative contracts.

The rupee traded at 95.6350 per dollar up 0.1% from its previous close.

Despite the support, the South Asian currency underperformed most of its Asian peers which rallied on the back of a broadly weaker US dollar. Traders said the Reserve Bank of India's continued intervention highlights ongoing pressure on the rupee from corporate dollar demand and derivative market activity.