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Rupee posts sharp recovery on suspected RBI intervention

Reuters  |  MUMBAI 

(Reuters) - The recovered sharply on Tuesday to rise on suspected intervention by the of India (RBI) after falling to a near 16-month low in early trade.

State-run banks were seen selling dollars around 67.67 level, dealers said. The RBI typically intervenes in the foreign exchange market via

The central likely sold dollars via at 67.67 level to stem the rupee fall, said dealers.

The sharply retraced all its losses to rise to the day's high of 67.5350 to the dollar, after falling to 67.7975 in early trade, its weakest since Jan. 31, 2017. It had closed at 67.50 on Monday.

"This time the intervention from RBI seemed quite decisive," said a at a

(Reporting by and Abhirup Roy, Editing by Sherry Jacob-Phillips)

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

First Published: Tue, May 15 2018. 09:51 IST