RBI likely selling US dollars to defend rupee from sliding to record low
MUMBAI (Reuters) - The Reserve Bank of India is likely selling U.S. dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday
 "Reserve Bank of India, RBI")
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The Reserve Bank of India is likely selling U.S. dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday.
The rupee was at 83.2650 against the dollar, little changed from its close at 83.2575 in the previous session. The rupee, aided by the RBI, held its ground despite weakness in most Asian currencies and higher U.S. yields.
The RBI's intervention "was expected", a foreign exchange trader at a private bank said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Oct 19 2023 | 10:32 AM IST