RBI seen intervening to support rupee: traders
Mumbai: The Reserve Bank of India intervened heavily in morning trade on Friday as the rupee fell to around 68.65 per dollar, approaching the record low hit in the previous session, traders said.
The intervention sparked a sharp rebound in the rupee, which was trading at 68.4750 per dollar as of 0432 GMT, up from its 68.7350 close on Thursday.
The rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital outflows from emerging markets, and worries about the country’s demonetisation drive. Reuters