According to people familiar with the matter, the Bank of India interfered in the foreign exchange market by selling dollars to support the rupee exchange rate. USD/INR fell 0.3% to 89.7350 on Tuesday, after rising for five consecutive trading days. The exchange rate fell to a record low of 91.0837 on December 16. According to people familiar with the matter, the Bank of India is selling dollars on a small scale in the offshore and onshore markets.

According to people familiar with the matter, the Bank of India interfered in the foreign exchange market by selling dollars to support the rupee exchange rate. USD/INR fell 0.3% to 89.7350 on Tuesday, after rising for five consecutive trading days. The exchange rate fell to a record low of 91.0837 on December 16. According to people familiar with the matter, the Bank of India is selling dollars on a small scale in the offshore and onshore markets.