Indian rupee rebounds off intraday low to close at 94.66 per dollar on RBI-backed support

The Indian rupee rebounded slightly after touching an intraday low on Wednesday, ending at 94.66 per dollar. State-run banks were seen intervening, likely on behalf of the Reserve Bank of India, to limit further depreciation. The currency’s weakness was driven by a stronger U.S. dollar index (DXY), which rose to a 13-month high as expectations grew for a Federal Reserve rate hike later this year.