RBI steps in to stem rupee fall, may have sold dollars at Rs 72 each

The rupee was trading at 71.88 to the dollar after briefly falling to 72.04 in early trade

The Reserve Bank of India likely sold dollars via state-run banks at around Rs 72 to the dollar level to prevent the Indian currency from slipping sharply, two dealers said.

The Indian rupee was trading at 71.88 to the dollar after briefly falling to 72.04 in early trade. It had touched a record low of 72.11 to the dollar on Thursday before closing at 72.00.