2023-12-11 09:20:57 am | Source: Reuters
India`s central bank likely sold US dollars to limit rupee`s losses
The Reserve Bank of India likely sold U.S. dollars on Monday to curb losses in the rupee, as the currency opened trading near its lifetime low, four traders told Reuters.
The rupee opened at 83.3850 against the U.S. dollar, maintaining the same level as Friday's losing. The currency had previously hit a lifetime low of 83.42 on Nov 10.
While most Asian currencies dipped on Monday, traders expect the rupee's losses to be contained.
The RBI is likely to "keep protecting," the rupee near these levels, a foreign exchange trader at a private bank said.
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