RBI seen intervening to cap rupee, say dealers


RBI seen intervening to cap rupee, say dealers

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.

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