RBI Likely Intervenes in Forex Market to Support Rupee on Wednesday

According to Jin10, the Reserve Bank of India (RBI) likely intervened in the foreign exchange market on Wednesday, July 1, to support the Indian rupee, four traders told media outlets. Traders observed state-owned banks selling U.S. dollars, suggesting action on behalf of the central bank. The rupee had weakened as regional currencies declined following Iran's announcement that it would not meet with a U.S. envoy.
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