INR - India's central bank intervenes to prop up rupee amid strong dollar - report

The Reserve Bank of India likely intervened to support the rupee by selling U.S. dollars through state-run lenders, according to a Monday report from Reuters, citing two bankers and two brokerage firms familiar with the matter.

The move comes as the rupee ( INR ) hovers near its all-time low against the greenback ( USDOLLAR ) ( UUP ) in the wake of rising oil prices, changing hands at 81.52 at the time of writing after reaching a record low of 81.95 last week.

India isn't the only country moving to prop up its currency as the dollar soars. Earlier this month, Japan intervened to boost the yen for the first time in more than 20 years .

Since the dollar acts as the global reserve currency, meaning most global trade is priced in dollars, it's nearly 20% Y/Y rise bodes poorly for the rest of the world. For instance, the cost of dollar-denominated debt increases for emerging markets, thus hampering their ability to service those debts.

The RBI did not immediately respond to a request for comment.

Towards the end of September, the Bank of England stepped in to buy long-dated debt .

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