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2024-11-29 11:24:36 am | Source: Reuters
India cenbank likely selling dollars to support rupee, traders say
India cenbank likely selling dollars to support rupee, traders say

India's central bank was likely selling U.S. dollars on Friday to support the rupee near a key psychological support level of 84.50, four traders told Reuters.

The rupee was at 84.49 as of 9:15 a.m. IST, compared to its previous close at 84.4850.

State-run banks were spotted offering dollars near 84.50, levels, most likely on behalf of the Reserve Bank of India, the traders said. The rupee had weakened to its all-time low of 84.5075 last week.

"While they (RBI) are active at these level, the rupee may still weaken to a fresh record low but the decline is likely to quite marginal," a trader at a private bank said.

The dollar index was lower by 0.2% at 105.8 while most Asian currencies rose. The rupee, meanwhile, was unable to benefit from a softer dollar in the face of persistent foreign portfolio outflows, traders said.

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