India central bank likely intervenes to cushion rupee losses near record low, traders say

MUMBAI: The Reserve Bank of India likely intervened in the foreign exchange market on Wednesday, three traders said, as the rupee hovered near an all-time low amid pressure from maturing non-deliverable forward contracts. The rupee was at 93.9225 per US dollar as of 10:15 a.m. IST, down 0.1% from the previous close and within touching distance of its record low of 93.98 hit on Monday.

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