RBI likely intervened to cap pressure on rupee, say traders
State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said
The Reserve Bank of India may have intervened in the foreign exchange market on Thursday to curb the downward pressure on the rupee, four traders revealed to Reuters. They described the action as being on the mild side. The rupee was trading at 95.2350 against the US dollar, a figure barely altered from the previous session's close of 95.22.
State-owned banks were reportedly offering dollars, likely acting on behalf of the RBI, according to the traders. The central bank's recent interventions have been relatively moderate, aimed at gently guiding market movements rather than forcibly propelling a significant recovery in the currency, one trader noted.
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