RBI likely intervened to defend rupee: Dealers

Mumbai: The Reserve Bank of India likely sold dollars via state-run banks on Thursday after the rupee came close to hitting a record low against the dollar, three dealers said.

“The RBI was seen selling dollars from Rs56.40 levels. It seemed like mild selling,” a state-run bank dealer said.

At 10.44 am, the rupee was trading at 56.36/37 to the dollar after falling to as low as 56.49 earlier in trade, just off a record low of 56.52 hit on 31 May 31.