MUMBAI, Aug 10 (Reuters) – The Reserve Bank of India likely intervened in the foreign exchange market on Monday to support the rupee, four traders told Reuters, amid lingering uncertainty over conflict in the Middle East.
The rupee clung to a narrow trading range and was at 95.2275 per dollar, little changed from its close at 95.2075 in the previous session.
The central bank has intervened frequently over recent sessions, which traders reckon is intended to reinforce its recovery from near record lows in late July.
State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said.
(Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala)