The Indian rupee declined to its weakest level in over a month on Monday, as renewed hostilities in the Middle East and Iran's claim of closing the vital Strait of Hormuz sent oil prices surging.
State-run banks were spotted offering dollars, most likely on behalf of the Reserve Bank of India, four traders told Reuters. The likely intervention helped limit the currency's fall to near 95.7875 per dollar, its weakest level since June 4.
