Mumbai, 20 September The rupee’s rise towards a nine-year high today was halted by suspected Reserve Bank of India (RBI) intervention between 39.85-39.87 per dollar, traders said.
At 11:03 a.m., the rupee was at 39.86/87, just off a nine-year peak of 39.85 hit on Thursday when it ended at 39.89/90.
”They have not been protecting any particular level,” a senior trader at a private bank said.
”They have been buying at every move, but the intervention has not been very heavy,” he said.
Dealers estimated the RBI may have bought $250-$400 million today.