RBI sells dollars as rising oil prices push rupee to near record low
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The Indian central bank likely sold dollars via state-run banks on Monday as rising oil prices and weak risk appetite pushed the rupee to within striking distance of record lows.
The rupee was last trading at 81.90, down from 81.34 in the previous session. The local unit reached a record low of 81.95 last Wednesday.
The intervention by the Reserve Bank of India was confirmed to Reuters by two bankers and two brokerage firms.
The intervention on Monday was similar to recent sessions where the RBI is trying to make sure that rupee does not fall below 82, one of the bankers said.
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