Indian central bank likely steps in to support Indian rupee as it sinks to record low

MUMBAI: The Indian central bank likely stepped in to support the struggling rupee on Monday, traders said, after the currency fell to a record low and was at risk of slipping past the 90 level, three traders said.

The rupee slid to a record low of 89.7575 to the U.S. dollar, breaching the earlier all-time low of 89.49 set two weeks ago. The currency later touched 89.82 on the interbank order-matching platform.

Central bank intervention hoists Indian rupee but bearish undercurrent persists

One trader described the central bank’s presence as “mild for now”.