RBI Likely Selling Dollars To Curb Rupee's Slide - Key Details
India's apex bank Reserve Bank of India (RBI) was likely selling dollars to limit the rupee's weakness on Tuesday, four traders told Reuters, as the currency remains within touching distance of a fresh record low.
- Republic Business
- 1 min read
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India's apex bank Reserve Bank of India (RBI) was likely selling dollars to limit the rupee's weakness on Tuesday, four traders told Reuters, as the currency remains within touching distance of a fresh record low.
The rupee was last at 90.99 per dollar as of 11:00 a.m. IST, down 0.1% on the day. The currency declined to 91.0525 earlier in the day, threatening to breach its all-time low of 91.0750 hit last month.
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Some state-run banks were spotted offering dollars, but the quantity was very limited as has been the trend in the last two days, one of the traders said.