The Reserve Bank of India likely intervened to support the rupee before the open of the local spot market ahead of a closely-watched monetary policy decision on Friday, four traders told Reuters. The rupee was quoting at 87.

The Reserve Bank of India cut its policy rate for the first time in nearly five years as economic growth slows and inflation cools.

The Reserve Bank of India (RBI) cut its key repo rate for the first time in nearly five years on Friday and signalled a less restrictive policy approach ahead, as it seeks to provide stimulus to the sluggish economy.