MUMBAI (Reuters) - The Reserve Bank of India is likely to have stepped in to prop up the rupee via state-run banks, from falling further after it opened at a nine-week low of 63.90 to the dollar, traders said.
The rupee was trading at 63.76/77 versus its close of 63.71/72 on Tuesday.
The rupee is heading for a sixth straight-session slump, tracking the unexpected quickening of retail inflation in October, sparking rate hike fears as well as concerns over tapering of the dollar-swap window for oil firms.
India's annual consumer price inflation for October rose 10.09 percent on the back of high food and fuel prices, government data showed on Tuesday.
The rupee has already shed around 3.3 percent over the last five sessions.
(Reporting by Neha Dasgupta and Subhadip Sircar; Editing by Sunil Nair)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app