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RBI likely intervened to support rupee: traders
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07 May 2012, 11:24 AM IST 
Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand
The Reserve Bank of India likely stepped in to sell dollars via state-run banks in early trade on Monday after the rupee opened weaker on global risk-off sentiment, four traders said.
At 9:30 a.m., the rupee was at 53.46/47 to the rupee, off an intraday low of 53.76.
On Friday, the RBI announced a relaxation in interest-rate ceilings for foreign currency deposits by non-resident banks. It also allowed banks to set their own limits for export credit.
Copyright @ Thomson Reuters 2012