India Central Bank likely selling dollars to keep rupee off record low - traders
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The Reserve Bank of India is likely selling dollars once again via state-run banks to make sure the rupee does not slip to a record low, four traders told Reuters on Friday.
The rupee was at 83.24 to the U.S. dollar, barely changed from the previous session. This is despite broad losses in Asian peers following a rally on the dollar index after the U.S. inflation data.
"It's the same story. The RBI is there, like it is there on most days," a spot trader at a private sector bank said.
"Likely that they were there in NDF (non-deliverable forwards) too."
