RBI likely steps in to defend rupee and drain excess cash, traders say

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SENSEX 73,709.69

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NIFTY 22,811.35

 -77.60

NIFTY 22,811.35

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CRUDEOIL 9,198.00

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CRUDEOIL 9,198.00

 -113.00

GOLD 146,056.00

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The rupee was last at 96.41 ​per dollar, ‌recovering marginally from its over two-month low of 96.43 in ‌early trading

By Reuters

Updated - October 15, 2026 at 11:49 PM. | MUMBAI

The Reserve Bank ​of India likely intervened ‌in the foreign ​exchange market ⁠on Tuesday via dollar sales to support the ‌rupee. | Photo Credit: FRANCIS MASCARENHAS

The Reserve Bank ​of India likely intervened ‌in the foreign ​exchange market ⁠on Tuesday via dollar sales to support the ‌rupee and dollar-rupee sell/buy swaps aimed ‌at draining ‌excess ⁠cash, four traders ⁠told Reuters.

The rupee was last at 96.41 ​per dollar, ‌recovering marginally from its over two-month low of 96.43 in ‌early trading.

State-run banks were ​spotted offering dollars, most likely on ⁠behalf of the RBI, traders said.

The ‌RBI was also likely conducting dollar-rupee sell/buy swaps to drain excess cash from the ‌banking system, the ​traders added.

Dollar-rupee forward premiums rose in response, ⁠with the June 2027 ⁠forward premium up eight paisa ‌at ₹2.56.

Published on October 6, 2026

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