MUMBAI: The Reserve Bank of India is likely selling dollars via state-run banks on Wednesday to support the rupee, which slid to a record low earlier this week, traders told Reuters.
The rupee was last trading at 82.3225, barely changed from 82.3125 in the previous session.
The local unit has traded in a narrow 6 paisa range so far, as it did on Tuesday when the RBI likely sold dollars at around the 82.38-82.40 levels and received in forwards.
India’s RBI sells dollars as Indian rupee hits record low on US rate hike fears
It was “quite evident” the RBI had decided to not let the rupee depreciate further “at least for the moment,” said one of the traders who suspected the intervention.
The rupee’s Asian peers were mostly lower on Wednesday, bogged down by the US Federal Reserve rate outlook.
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