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RBI likely sold up to $500 million to defend rupee: Dealers

Vinod Dasari, managing director, Ashok Leyland, told NDTV Profit that the company is planning to make about 36,000 vehicles in FY13-14. “We are happy about the exports market that we have developed. Southern markets are seeing revival,” he added.

Honda India president Keita Muramatsu (left) and actor Akshay Kumar at the Dream Yuga launch in Gurgaon on Tuesday.
Honda India president Keita Muramatsu (left) and actor Akshay Kumar at the Dream Yuga launch in Gurgaon on Tuesday.

The RBI is estimated to have sold $400-$500 million worth in spot, though possibly some of that was also in forward markets, dealers say.

The USD/INR rebounds to 53.88/89 to the dollar, after being pulled down to as low as 53.50 from its intraday high of 54.15.

Also read: Rupee opens above 54 to the dollar, pulls back

Dealers cautious on expectations say the RBI could step in again as it looks to defend the USD/INR at 54.

Indonesia's central bank also spotted selling dollars as investors shun risk positions on intensifying fears over Greece.

Copyright Thomson Reuters 2012