According to CoinMeta, the Reserve Bank of India may have intervened in the foreign exchange market to support the rupee exchange rate. Four traders stated that, given the ongoing uncertainty caused by the conflicts in the Middle East, the RBI has been intervening frequently over the past few trading days with the aim of consolidating the rupee's rebound since it approached record lows in late July. Traders noted that state-owned banks have been selling dollars, and it is likely that they are acting on behalf of the RBI.