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India's central bank likely buying dollar after rupee rose above 81.125/$

India's central bank likely bought dollars via state-run banks to prevent the rupee from appreciating significantly above the 81 psychological level

Topics
RBI | US Dollar | Rupee

Reuters  |  MUMBAI 



Photo: Bloomberg
Photo: Bloomberg

MUMBAI (Reuters) - India's central bank likely bought dollars via state-run banks to prevent the from appreciating significantly above the 81 psychological level, three traders told Reuters.

The was last quoted at 81.125 per U.S. dollar after climbing to 80.89 in early trade. The rose above the 81 level for the first time since Dec. 1.

The sizeable dollar buying from public sector banks after the open point to the Reserve Bank of India, a trader at a private sector bank said, adding importers too are very likely active.

"Based on past instances, it is not a surprise that is there today."

 

(Reporting by Nimesh Vora; Editing by Eileen Soreng)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, January 23 2023. 12:41 IST


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