MUMBAI, June 3 (Reuters) – On Wednesday, the Indian central bank is believed to have intervened in the foreign exchange market to curb a decline in the rupee, according to four traders. This action comes in response to rising crude oil prices amid renewed tensions between the U.S. and Iran, which have put pressure on the South Asian currency.
The rupee traded at 95.47 per dollar, reflecting a decrease of 0.2% for the day. Traders from state-run banks were reportedly seen offering dollars around the 95.50 level, as noted by a trader from a Mumbai-based bank.
The escalation in Middle Eastern hostilities has pushed oil prices up for the third consecutive day, with Brent crude climbing nearly 1% to close in on $97 per barrel.
Published on June 3, 2026.
