Four bankers have reported that the Reserve Bank of India often intervenes in the non-deliverable future (NDF) market to prevent the rupee from falling to a record low.

The rupee hit 83.1525 to the U.S. dollar, close to its October 2022 record low of 83.29.

The RBI intervenes in the NDF market through the BIS and a significant U.S. bank.

NDFs are offshore dollar-settled currency derivatives used by investors without access to onshore markets.