Trader: Reserve Bank of India's market intervention selling dollars to support the rupee exchange rate.

Several informed traders who declined to be named revealed that the Reserve Bank of India is selling US dollars in the domestic and foreign exchange markets to support the Indian rupee exchange rate. These individuals do not have official permission to speak publicly, hence they choose to remain anonymous. The US dollar to Indian rupee exchange rate has risen by as much as 0.5%, reaching near 95.78, a new high since June 4. Traders say that the Reserve Bank of India is selling US dollars near the 95.75 level. Due to the US launching another attack on Iran and an increase in international oil prices, the rupee has significantly depreciated. Influenced by the heightened tensions in the Middle East pushing oil prices up and the recent strength of the US dollar, the Indian rupee has depreciated by over 6% this year.