Media has raised the issues that new pricing to benefit Reliance Industries.
The rupee fell on Monday on fears of foreign outflows after stronger-than-expected US jobs growth data cemented expectations of an early end to US stimulus measures.
Both the countries have increased prices of gas recently.
The intervention was spotted when the rupee hit 59.90 to the dollar or below
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
Traders said the rupee was also supported by speculation that May wholesale inflation due this week may show continued easing.
Parliamentary panel seeks changes in crude import norms.
Shares were also buoyed by positive global sentiment on hopes major central banks will ease monetary policy further or continue to keep it loose for long.
It doesn't point out weakness that is being reported.
India taxes these investors higher and is excessively cautious towards derivatives.
The economy, which grew at 6.5 per cent in the year ended March 2012, is expected to grow 5.7 per cent to 5.9 per cent this fiscal year, the slowest since 2002/03.
India's sovereign rating could be cut if the government loosens fiscal policy in the run-up to elections, says Fitch.
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