RBI steps in to keep rupee from slipping to record low, traders say

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SENSEX 73,709.69

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NIFTY 22,811.35

 -77.60

NIFTY 22,811.35

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CRUDEOIL 9,178.00

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CRUDEOIL 9,178.00

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GOLD 145,986.00

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State-run banks were ⁠spotted offering dollars right before the local spot ‌market opened, most likely on behalf of the RBI, traders say

By Reuters

Updated - October 16, 2026 at 05:20 AM. | Mumbai, October 9

The rupee was at 96.7575 ​per dollar ‌in early trading, little changed on the day, but averted a fall ‌to its record low of ​96.96 hit in May. | Photo Credit: FRANCIS MASCARENHAS

The Reserve Bank of ​India likely intervened in the ‌FX market on Friday ​to support ⁠the rupee as the currency neared its all-time low, three ‌traders told Reuters, with the unit battered ‌by persistent portfolio outflows ‌and ⁠elevated oil prices ⁠due to the Iran war.

The rupee was at 96.7575 ​per dollar ‌in early trading, little changed on the day, but averted a fall ‌to its record low of ​96.96 hit in May.

State-run banks were ⁠spotted offering dollars right before the local spot ‌market opened, most likely on behalf of the RBI, the traders said.

The central bank had been a regular ‌presence in the foreign exchange ​market over the last several sessions. However, persistently ⁠elevated oil prices, portfolio ⁠outflows and higher US Treasury yields have ‌continued to pressure the rupee.

Published on October 9, 2026

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