Business Standard

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

Photo: Bloomberg

Photo: Bloomberg

Reuters MUMBAI
MUMBAI (Reuters) - India's central bank likely bought dollars via state-run banks to prevent the rupee from appreciating significantly above the 81 psychological level, three traders told Reuters.
The rupee was last quoted at 81.125 per U.S. dollar after climbing to 80.89 in early trade. The rupee 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 RBI 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.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 23 2023 | 12:41 PM IST

Explore News