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RBI likely sold dollars to avoid a record low on rupee: Traders
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rupee which was at risk of slipping to a record low, four traders told Reuters.
The rupee was at 83.2425 to the U.S.
dollar, not too far away from the record low of 83.29.
Before the normal over-the-counter open at 9.00 a.m., USD/INR climbed to 83.3050 on the interbank order matching system.
«The RBI (Reserve Bank of India) needed to make its presence felt just before open, or we would have seen a big move on the upside (on USD/INR),» a trader said.
«After that, we have retraced only a bit, which to me suggests that there is considerable dollar demand.»
About this in other media
India's forex reserves near 4-month low; declines $867 million to $593.037 billion: RBI Data livemint.com /7 months ago
INDIA RUPEE-Rupee ends little changed as RBI intervention fear limits fall economictimes.indiatimes.com /8 months ago
Rupee opens marginally lower at 83.09 against the US dollar livemint.com /8 months ago
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