RBI likely intervenes to support rupee, traders say

The Reserve Bank of India likely intervened in the foreign exchange market on Monday to support the rupee, four traders told Reuters, helping the currency withstand pressure coming from a broadly stronger dollar and volatile oil prices.

The rupee was at 96.24 per dollar, marginally higher from its close at 96.3150 in the previous session.

State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said. The dollar index was up 0.6% at 102.5, at its highest level in more than one year.