Traders familiar with the matter indicate that the Reserve Bank of India has been actively selling US dollars across both offshore and onshore foreign exchange markets to provide support for the Indian rupee. These traders requested anonymity, as they were not authorised to speak publicly about the central bank's operations.

The USD/INR pair climbed 0.3% to 95.8087, reaching its highest level since 28 July. The local currency has been under sustained pressure, largely attributed to the ongoing surge in global oil prices, which continue to weigh on India's import bill.

The rupee has depreciated by more than 6% so far this year, making it one of the worst-performing currencies in the Asian region, trailing behind most of its regional peers.

An official response from the Reserve Bank of India's spokesperson was pending, as requests for comment sent via email had not yet been addressed at the time of reporting.