RBI intervention to sell US dollars against INR

Reuters citing unnamed dealers for the information that the Reserve Bank of India likely sold US dollars on Tuesday to prevent further losses in the rupee.

  • INR hovered near its lifetime low of
    83.42, five traders told Reuters
  • “They do not want the pair to rise above 83.38-83.40 levels,
    and we may see sales persisting through the day,” a foreign
    exchange trader at a state-run bank said.
  • rupee had hit its lifetime low of 83.42 on November 10

This article was written by Eamonn Sheridan at www.forexlive.com. Source