Rupee pulls back from 82.95 on likely heavy US dollar selling by RBI

10-year bond yield rises above 7.45% for first time since November 7

After coming within touching distance of weakening past the 83 per dollar mark for the first time in four months, the rupee recouped losses on Monday as the Reserve Bank of India (RBI) likely stepped in to prevent excess volatility in the currency market through dollar sales.

The central bank is said to have intervened on a sustained basis this month to shield the rupee from turbulence in the face of sharp gains in the US dollar globally, traders said. Consequently, the Indian currency has fared better than 11 other emerging market (EM) currencies so far this month, Bloomberg data