The Indian central bank was likely selling U.S. dollars to limit the depreciation of the rupee, four traders, including one with direct knowledge of the matter, told Reuters.

The rupee was at 83.37 against the U.S. dollar as of 1:05 p.m. IST, barely changed from its previous close at 83.3725.

The rupee had fallen to a record low of 83.45 in the closing minutes of the domestic session on Wednesday, pressured by strong dollar demand from local oil companies, importers and equity-related outflows.

The RBI was likely selling dollars near 83.38-83.39 levels, a foreign exchange trader at a private bank said.

(Reporting by Jaspreet Kalra; Editing by Sohini Goswami)