RBI likely intervened near open to support rupee, traders say

In a decisive action on Thursday, the Reserve Bank of India reportedly offloaded dollars at the market's start to enhance the rupee's standing. Opening at 96.6825 per dollar, the rupee's performance was better than anticipated. This strategic intervention demonstrates the RBI's proactive approach to maintain currency stability as the rupee nears its all-time low of 96.96 from May. Market participants were attentive to these fluctuations amid rising concerns.