According to an informed trader, the Bank of India sold the US dollar in the domestic foreign exchange market on Tuesday to support the rupee exchange rate. The traders requested anonymity as they were not authorized to speak publicly about the matter. USD/INR rose 0.4% to 94.8900. A Bank of India spokesperson did not immediately respond to emails seeking comment. The rupee exchange rate has depreciated by more than 5% so far this year, underperforming most Asian currencies.

According to an informed trader, the Bank of India sold the US dollar in the domestic foreign exchange market on Tuesday to support the rupee exchange rate. The traders requested anonymity as they were not authorized to speak publicly about the matter. USD/INR rose 0.4% to 94.8900. A Bank of India spokesperson did not immediately respond to emails seeking comment. The rupee exchange rate has depreciated by more than 5% so far this year, underperforming most Asian currencies.