You are here: Home » Reuters » News
Business Standard

Rupee posts sharp recovery on suspected RBI intervention

Reuters  |  MUMBAI 

MUMBAI (Reuters) - The Indian rupee recovered sharply on Tuesday to rise on suspected intervention by the Reserve Bank of India (RBI) after falling to a near 16-month low in early trade.State-run banks were seen selling dollars around 67.67 level, dealers said. The RBI typically intervenes in the foreign exchange market via state banks.The central bank likely sold dollars via state banks at 67.67 level to stem the rupee fall, said dealers.The Indian rupee sharply retraced all its losses to rise to the day's high of 67.5350 to the dollar, after falling to 67.7975 in early trade, its weakest ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, May 15 2018. 09:51 IST
RECOMMENDED FOR YOU