Traders: The Indian central bank is selling US dollars in the foreign exchange market to support the Indian rupee.

According to informed traders, the Reserve Bank of India has sold dollars in the onshore foreign exchange market to support the Indian rupee amid pressure from high oil prices. These traders requested anonymity as they are not authorized to speak publicly. The dollar against the Indian rupee remained flat at 95.4037. Note: Most Asian currencies fell on Wednesday due to rising oil prices. Affected by the continued uncertainty regarding the reopening of the Strait of Hormuz, Brent crude prices rose by over 1%, trading at around $90 per barrel, marking the sixth consecutive day of gains. As India is a major importer of crude oil, high prices have widened the countrys trade deficit and exacerbated inflation. In recent weeks, the Reserve Bank of India has regularly intervened in the foreign exchange market, and the inflow of funds from recent dollar deposit schemes has boosted its foreign exchange reserves.