Traders who declined to be named said that with the Indian rupee approaching a record low, the Reserve Bank of India has been selling US dollars in both the onshore and offshore foreign exchange markets.
The USD/INR pair fell 0.1% to 96.7162, while its all-time high stands at 96.9650.
The one-month non-deliverable forward (NDF) for USD/INR at one point dropped 0.1% to 97.15.
A spokesperson for the Reserve Bank of India did not immediately respond to an emailed request for comment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.