Traders said that the Bank of India sold the US dollar in the offshore and onshore foreign exchange markets to support the rupee exchange rate and push the rupee higher. As they are not authorized to comment publicly, these traders requested anonymity. The USD/rupee 1-month NDF once fell 0.4% to 96.82. Traders said that the offshore dollar sell-off began before the local market opened at 9 a.m. Mumbai time. At one point, USD/rupee fell 0.1% to 96.4962. Traders said that the dollar sell-off in the offshore market was huge. Note: The onshore rupee is close to the record low of 96.9650 hit in May. The rupee is one of the worst performing currencies in Asia this year, with a cumulative decline of nearly 7% since the beginning of the year.

Traders said that the Bank of India sold the US dollar in the offshore and onshore foreign exchange markets to support the rupee exchange rate and push the rupee higher. As they are not authorized to comment publicly, these traders requested anonymity. The USD/rupee 1-month NDF once fell 0.4% to 96.82. Traders said that the offshore dollar sell-off began before the local market opened at 9 a.m. Mumbai time. At one point, USD/rupee fell 0.1% to 96.4962. Traders said that the dollar sell-off in the offshore market was huge. Note: The onshore rupee is close to the record low of 96.9650 hit in May. The rupee is one of the worst performing currencies in Asia this year, with a cumulative decline of nearly 7% since the beginning of the year.