RBI likely sold dollars via state-run banks to arrest rupee’s slide, news agency Reuters reported. Strong US jobs report aggravated fears of aggressive rate hikes by the US Federal Reserve
The Indian rupee closed flat on Monday at 83.32 against the US dollar. The rupee recovered from its intraday low of 82.69 after possible RBI intervention in the forex market.
Bloomberg data showed that the rupee opened at a new record low of 82.67 and touched 82.69 intraday before recovering to settle almost flat. The rupee had closed at 82.33 in the previous session.
RBI likely sold dollars via state-run banks to arrest rupee’s slide, news agency Reuters reported. Strong US jobs report aggravated fears of aggressive rate hikes by the US Federal Reserve.
The dollar index also rose 0.23 per cent to 113.05.
The recovery was also led by slight softening in crude oil prices as investors booked profit on Monday.