2I−+Cl2→2Cl−+I2.
Oxidised- I− The oxidation number of I increases from -1 to 0. Thus, I itself is oxidised and acts as reducing agent.
Reduced- Cl2. The oxidation number of Cl decreases from 0 to -1. Thus, Cl itself is reduced and acts as oxidising agent.
Note:
Any species that is oxidised acts as reducing agent.
Any species that is reduced acts as oxidising agent.