back to top
BusinessReport suggests RBI may use state banks to sell dollars and limit...

Report suggests RBI may use state banks to sell dollars and limit rupee depreciation

Date:

The rupee was at 83.50 to the U.S. dollar at 9.42 a.m. IST, down from 83.45 in the previous session. The currency slipped to 83.5350, a lifetime low, earlier on Tuesday.

The Indian central bank was likely selling dollars via state-run banks on Tuesday to curb the rupee's losses spurred by a selloff in Asian equities and currencies, four traders told Reuters.

The rupee was at 83.50 to the U.S. dollar at 9.42 a.m. IST, down from 83.45 in the previous session. The currency slipped to 83.5350, a lifetime low, earlier on Tuesday.

“Like yesterday, they (state-run banks) are again on the offer consistently,” a senior trader at a private sector bank said.

The Reserve Bank of usually intervenes via state-run banks.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

Share post:

Popular

More like this
Related

Sensex, Nifty hit all-time peaks after RBI’s highest-ever dividend announcement

Agencies MUMBAI, May 23: Benchmark stock indices Sensex and Nifty...

RBI approves record Rs 2.1 trillion surplus transfer to government

Record Surplus Transfer From RBI Likely to Ease Government's...

Disney offloads Indian satellite TV stake in $1 billion deal with Tata Group

Blockbuster Deal Struck As Media Giant Sells Off Satellite...