MUMBAI, June 12 Reuters The Indian rupee was nearly flat on Wednesday after likely intervention from the Reserve Bank of India helped the currency avert a fall to an alltime low, traders said.

The rupee was at 83.56 against the U.S. dollar as of 1000 a.m. IST, barely changed from its close of 83.5650 in the previous session.

The RBI likely intervened in the nondeliverable forwards NDF market, before the local spot market opened at 0900 a.m. IST, to support the rupee, traders said.

Routine interventions by the RBI, including in the NDF market, have supported the currency over recent trading sessions.

The RBI39;s interventions in the NDF market have undergone a change… We are now very clear and explicit that the RBI is there in the forward market, RBI Governor Shaktikanta Das said on Friday during a postmonetary policy press conference.

The central bank has changed tactics in the way it seeks to limit rupee volatility, with the use of nondeliverable forwards now overtaking spot market interventions, Reuters reported earlier.

Dollar bids from local oil companies are present but the currency is likely to stay in a narrow range now that the RBI has signalled to the market that it will prevent further weakness, a foreign exchange trader at a staterun bank said.

The dollar index was at 105.3 while Asian currencies were mostly rangebound, with investors awaiting the release of key U.S. consumer inflation data and the Federal Reserve39;s policy decision due later in the…