RBI steps in to stem rupee fall, defends 77.50 per dollar level

Sources said the RBI aims to maintain foreign exchange reserves of $600 billion in such uncertain times

RBI, Reserve Bank of India

Photo: Shutterstock

Manojit Saha Mumbai
A day after the rupee hit an all-time low and breached the 77 per dollar mark, the Reserve Bank of India (RBI) on Tuesday intervened heavily across foreign exchange markets — spot, futures, and off-shore — which stopped the rupee from going past the 77.50 per dollar level, currency dealers said.

The Indian currency opened at 77.29 per dollar after closing at 77.46 on Monday. State-run banks sold dollars heavily, on behalf of the central bank, at 77.42 levels, the dealers said. The rupee ended the day 77.33 per dollar, up 14 paise from the previous close, after touching the day’s

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

First Published: May 11 2022 | 12:06 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com