RBI Likely Intervenes To Support Rupee Near Record Low, Traders Say

The Reserve Bank of India likely intervened to support the rupee on Monday as the currency was hovering just shy of its all-time low, pressured by persistent dollar demand from local importers, three traders told Reuters.

The rupee was last at 88.7575 per U.S. dollar, little changed on the day but in touching distance of 88.80 hit last week. Traders said that state-run banks were spotted offering dollars, most likely on behalf of the RBI. The central bank has been frequently stepping in around the 88.80 mark to support the local unit, traders said.

The dollar index was flat at 98 while Asian currencies were trading mixed.