The central bank of India is the Reserve Bank of India (RBI) – supporting the local currency according to trader reports.
INR had been one of many currencies dropping against the rampant US dollar.
The rupee hit its lifetime low of 84.86 per
dollar in early trading.
State-run banks are reported to be on the bid for INR (offer for USD). This is thought to be on behalf of the RBI.
This article was written by Eamonn Sheridan at www.forexlive.com. Source