RBI intervenes lightly as rupee crosses 73/USD for the first time

"RBI is intervening, but not big time," said a senior currency trader at a foreign bank

The Reserve Bank of India (RBI) is lightly intervening in the market, as rupee crossed 73 a dollar for the first time in the morning trade on Wednesday.

Crude oil prices witnessed a sharp jump in the last two days and are approaching $85 a barrel, and can potentially upset the fiscal math of the government, which promised to keep fiscal deficit contained at 3.3 per cent of the gross domestic product.

   

At 10.35 AM, rupee was trading at 73.33, after hitting at an intraday low of 73.42 a dollar. The currency had closed at 72.91 a dollar on Monday. Tuesday