MUMBAI, May 11 (Reuters) - The Indian central bank likely intervened in the foreign exchange market on Monday to limit the rupee's fall, three traders told Reuters, as a renewed surge in oil prices surfaced worries over the risks to India's economic outlook.
The rupee declined to a low of 94.9650 per dollar, before paring losses to last trade at 94.9050, down 0.4% on the day and tracking losses in regional peers.
Indian Prime Minister Narendra Modi on Sunday urged citizens and businesses to conserve fuel, which traders said has added to market caution regarding the spillovers from the ongoing conflict in the Middle East.
India's benchmark stock index, the Nifty 50, fell 1% on Monday with the yield on the 10-year benchmark note rising 4 basis points to 7.02%.
(Reporting by Jaspreet Kalra; Editing by Janane Venkatraman)
