Indian central bank likely intervenes to support rupee, traders say

MUMBAI, Sept 16 (Reuters) - The Reserve Bank of India likely intervened in the foreign exchange market on Wednesday, three traders told Reuters, as elevated oil prices and a looming rate hike by the ⁠U.S. Federal Reserve pressured the currency.

The rupee was at 95.8725 per dollar, up 0.1% on the day after hitting its weakest level in more than one month in the previous session.

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

The central ⁠bank has been intervening in the FX market frequently to support ⁠the rupee, which has helped limit the currency's decline ⁠in the face of multiple headwinds.

Reporting by Jaspreet Kalra, Nimesh Vora; Editing by Janane Venkatraman

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