Trader: The Reserve Bank of India sells dollars in the foreign exchange market to support the rupee

MaticHoleFiller · 2026-03-24T14:57:09+00:00

India's central bank sold dollars to support the rupee's exchange rate as the rupee briefly hit a historic low of 92.94. Traders indicated the intervention price range was between 92.93-92.94. India's forex market resumed trading after the holiday, affected by rising oil prices.

MaticHoleFiller

2026-03-24 14:57:09

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According to informed traders, the Reserve Bank of India is selling US dollars to support the rupee exchange rate. The rupee fell to a record low on Friday. Due to restrictions on public statements, these traders requested anonymity.

The USD/INR exchange rate temporarily rose by 0.3%, reaching a historic high of 92.9400.

Traders said the RBI’s intervention range for selling dollars was roughly around 92.93–92.94.

A spokesperson for the Reserve Bank of India has not responded to email requests for comment.

The Indian foreign exchange market resumed trading on Friday after a public holiday the previous day. On Thursday, oil prices surged sharply after Iran launched missile attacks on the Ras Laffan industrial zone in Qatar, damaging the world’s largest liquefied natural gas plant.

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