According to an informed trader, the Bank of India sold the US dollar in the offshore and onshore foreign exchange markets to support the rupee exchange rate. Since they are not authorized to speak publicly about this matter, these traders requested anonymity. USD/rupee rose 0.2% to 96.4375; the USD/rupee 1-month NDF once rose 0.2% and is currently basically flat. These traders said that the dollar sell-off was not particularly strong. A Bank of India spokesperson did not immediately respond to a reporters' request for comment via email. At a time when the Bank of India is selling off the US dollar, the rupee exchange rate is approaching the historic low of 96.9650 hit in May. The main reason for the weakness of the rupee is another rise in oil prices due to the escalation of the US-Iran conflict. Note: The rupee has taken back almost all of the gains made since the authorities announced measures to attract capital inflows in early June. The rupee exchange rate has depreciated by a cumulative total of about 7% this year.

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