Indian central bank likely intervenes to shore up rupee, traders say

USDINR −0.08% The Indian central bank likely intervened in the foreign exchange market on Friday, four traders told Reuters, shoring up a currency that has hit record lows over the last couple of weeks. The rupee USDINR jumped following the intervention, rising to a peak of 95.99 per U.S. dollar, up from its intra-day low of 96.30 hit in early trading. The Reserve Bank of India had intervened firmly in the FX market on Thursday as well, traders said. The central bank's presence in the market again on Friday likely signals discomfort with one-way rupee weakness seen in recent sessions, a trader at a Mumbai based bank said.