According to people familiar with the matter, the Bank of India sold about 7 billion US dollars on Friday to support the rupee exchange rate, one of the largest direct foreign exchange interventions in recent months. The Bank of India has yet to respond. Crude oil prices rose sharply at the beginning of this month, impacting many oil importers in Asia. Philippine regulators also intervened to stabilize the local currency. On the Indian side, following a large-scale intervention on Friday, the central bank continued to sell the dollar over the next two trading days, pushing the rupee further away from its historical low. The scale of this foreign exchange sale highlights the determination of the Reserve Bank of India to support the rupee exchange rate. On Thursday, the dollar traded at 95.7437 against the rupee, with room for about 1.3% from its all-time low.

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