Reuters Market Eye - The USD/INR at day's low, now at 53.24/35 vs 53.47/48 last close, after the euro recovers from prior falls. RBI is believed to have sold dollars in the morning, according to four dealers.
Exporters' stop losses at 53.50 were triggered after RBI's intervention talk, magnifying the losses in USD/INR, dealers said.
Euro now trading at $1.3011/15 after earlier hitting a three-month low at $1.2955.
Local stocks now down 1.3 percent after falling as much as 1.9 percent.
Trending On Reuters
Indian growth slowed by more than expected in the quarter to June, a setback for Prime Minister Narendra Modi that will prompt more urgent calls from his aides for interest rate cuts. Full Article | Expert views