Currency traders, speaking on condition of anonymity due to lack of public authorization, have disclosed that India's central bank is actively selling US dollars in the domestic foreign exchange market to shore up the rupee.

The dollar-rupee pair edged up 0.1% during the session, with intraday gains briefly reaching 0.2%. This market movement unfolds against a backdrop of Brent crude oil prices holding steady near $101 per barrel, as Iran signals readiness for a potential escalation in regional conflict.

The rupee has depreciated by more than 5% this year, underscoring its underperformance relative to most Asian peers amid persistent external pressures.