RBI Intervenes At 71.80 To Stem Sharp Fall In Rupee Against Dollar, Say Dealers

RBI intervened as rupee hit a fresh low in line with other emerging market currencies hurt by dollar strength and simmering trade tensions.

RBI Intervenes At 71.80 To Stem Sharp Fall In Rupee Against Dollar, Say Dealers

Highlights

  • Most Asian currencies were subdued on Wednesday
  • Fall in rupee is due to sudden bouts of dollar-buying by banks
  • Indian rupee is Asia's worst performing currency so far this year

The Reserve Bank of India (RBI) likely intervened mildly in the forex markets on Wednesday, two traders told Reuters, as the rupee hit a fresh low in line with other emerging market currencies hurt by dollar strength and simmering trade tensions.

The RBI is expected to have sold dollars at 71.80 rupees per dollar in the local spot forex market to stem a sharp fall in the Indian currency.

Most Asian currencies were subdued on Wednesday. 
 

© Thomson Reuters 2018


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