MUMBAI (Reuters) -The Reserve Bank of India is believed to have sold dollars to support the rupee after a surge in oil prices, triggered by Israeli strikes on Iran, put pressure on the currency, three traders told Reuters on Friday.
The Indian rupee dropped to 86.20 to the U.S. dollar before recovering to 86.04 on the back of the RBI’s intervention.
The central bank sold dollars near 86.05, a currency trader said, citing two state-run banks.
(Reporting by Nimesh Vora; Editing by Sonia Cheema)