Indian central bank likely intervenes to limit pressure on rupee, traders say

The Indian central bank likely intervened in the foreign exchange market to support the rupee on Wednesday, four traders told Reuters, as weakness in Asian currencies weighed on the currency after Iran said it won't meet with U.S. envoys.

The rupee FX_IDC:USDINR was at 94.7225 per dollar as of 11:45 a.m. IST, down slightly from its close at 94.66 in the previous session.

Asian currencies were down 0.1% to 0.4%. State-run banks were spotted offering dollars, traders said, most likely on behalf of the Reserve Bank of India.