With Indian rupee near record low, cenbank steps up NDF intervention

RBI has been frequently intervening in the NDF market to prevent rupee from hitting a record low.

RBI intervenes in NDF via BIS and a large U.S. bank before local OTC markets open to set tone for the day.

RBI intervention not limited to Asia session, also active during U.S. trading hours if USD/INR is pushing higher.

Apart from NDF, RBI likely supplying dollars via public sector banks in local OTC market.

Rupee avoided sharp falls seen in Asian peers due to RBI interventions.