India central bank likely intervening to prevent rupee from slipping to record low, traders say

2024-09-04 12:41:36 pm | Source: Reuters

India central bank likely intervening to prevent rupee from slipping to record low, traders say

News By Tags | #Rupee #RBI #Economy #CentralBank #India

India's central bank was selling dollars at the 83.97 level on Wednesday to keep the rupee from dropping to a lifetime low, three traders told Reuters.

The rupee was at 83.9650 to the U.S. dollar, avoiding a dip past the lifetime low of 83.9725 hit in the first week of August.

"Consistently seeing offers (on dollar/rupee) at 83.97 (on interbank order matching system) and from brokers," a currency trader at a bank said.

"RBI yet again does not want to see 84."

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India central bank likely intervening to prevent rupee from slipping to record low, traders say

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