RBI likely sold dollars at 56-level: Traders

Mumbai: The Reserve Bank of India is suspected to have sold dollars in spot markets via state-run banks to prevent the rupee from falling beyond the psychologically key 56-level, seven traders said on Friday.

At 9:48 am, the partially convertible rupee was at 55.74/75 per dollar, recovering from an intra-day low of 56.09. It had hit a life-time low of 56.40 on Thursday.

“Suddenly there were a lot of state-run banks on offer, could likely be for the RBI, as no other flows were expected today,” a trader with a foreign bank said.