04-09-2024 12:41 PM | Source: Reuters
India central bank likely intervening to prevent rupee from slipping to record low, traders say
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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