Markets

India cbank likely selling dollar via state-run banks, rupee recovers

Published August 30, 2013 Updated August 30, 2013 05:12am

1 min

By Parvez Jabri

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MUMBAI: The Indian rupee recovered to session highs after the central bank steps up dollar sales to prevent the currency from falling towards recent record lows, three traders told Reuters on Friday.

The Reserve Bank of India likely sold dollars via state-run banks starting at around 67.20 rupee levels. Two traders said the RBI was also intervening in the forwards market.

By 10:32 a.m. (0502 GMT), the partially convertible rupee had recovered to the day's high of 66.65/66 per dollar, compared with its close of 66.55/56 on Thursday. The rupee had dropped to a record low of 68.80 on Wednesday.

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