RBI Intervenes to Support Rupee, Selling Dollars Aggressively to Cap Losses

Large Indian state-run bank sold dollars aggressively, likely for central bank, per traders
Rupee rallied from 83.12 to 83.00 against dollar in a minute after aggressive selling
Selling seemed aimed at ensuring USD/INR didn't close above 83 weekly, per trader
RBI trying to keep INR away from record low but global conditions may persist pressure
Elevated Treasury yields, crude prices, strong dollar continued to pressure rupee
RBI's rupee defense likely extended to currency futures as well

reuters.com

Relevant topic timeline:

9/28/2023

India's central bank is selling U.S. dollars to prevent the rupee from reaching a record low.