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RBI likely intervened in forex market to stem rupee fall - dealers

Reuters  |  MUMBAI 

(Reuters) - The (RBI) likely intervened heavily in the right from the start of trade on Wednesday to stem any fall in the rupee, three dealers said.

"It looks like RBI is in a mood today," said a at a state-run bank, estimating that within the first 10 minutes the might have sold $300 million to $400 million proactively to prevent any sharp fall in the

The was trading at 67.8775 to the dollar compared with its previous close of 68.15 as against expectation of the weakening early on itself on firm crude and widening trade deficit.

(Reporting by Suvashree Dey Choudhury; Editing by Gopakumar Warrier)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 09:56 IST