RBI likely sold dollars via state-run banks to cap rupee fall: dealers
The rupee is heading for a sixth straight-session slump
)
<a href="http://www.shutterstock.com/pic-49498450/stock-photo-background-created-with-indian-rupee-notes.html" target="_blank">Gold</a> image via Shutterstock
The Reserve Bank of India is likely to have stepped in to prop up the rupee via state-run banks, from falling further after it opened at a nine-week low of 63.90 to the dollar, traders said.
The rupee was trading at 63.76/77 versus its close of 63.71/72 on Tuesday.
The rupee is heading for a sixth straight-session slump, tracking the unexpected quickening of retail inflation in October, sparking rate hike fears as well as concerns over tapering of the dollar-swap window for oil firms.
India's annual consumer price inflation for October rose 10.09% on the back of high food and fuel prices, government data showed on Tuesday.
The rupee has already shed around 3.3% over the last five sessions.
The rupee was trading at 63.76/77 versus its close of 63.71/72 on Tuesday.
The rupee is heading for a sixth straight-session slump, tracking the unexpected quickening of retail inflation in October, sparking rate hike fears as well as concerns over tapering of the dollar-swap window for oil firms.
India's annual consumer price inflation for October rose 10.09% on the back of high food and fuel prices, government data showed on Tuesday.
The rupee has already shed around 3.3% over the last five sessions.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Nov 13 2013 | 10:52 AM IST