RBI likely sold dollars around 55.50 rupees - dealers
MUMBAI (Reuters) - The RBI likely sold dollars via state-run lenders as the rupee slid to a more than two-month low below 55.50, four traders said on Friday.
"They seem to have been there in small amounts starting 55.50," the head of forex and debt trading at a private bank said, referring to the Reserve Bank of India.
Two other state-run bank dealers and one foreign bank dealer also confirmed spotting large selling by state-run banks starting at 55.50.
At 1:03 p.m. (0733 GMT), the partially convertible rupee was at 55.34/35 to the dollar, after hitting 55.53, its weakest since September 11. (Reporting by Swati Bhat; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- Indian diplomat Khobragade was strip-searched after arrest in U.S
- UPDATE 5-U.S.'s Kerry expresses regret to India over diplomat case
- PRECIOUS-Gold drops in volatile trade after Fed says to cut stimulus
- India trims perks for U.S. staff in dispute over envoy's New York arrest
- UPDATE 2-"Great Train Robber" Ronnie Biggs dies aged 84
India announced retaliatory measures against the United States on Wednesday, including revising work conditions of Indians employed in U.S. consulates and a freeze on duty-free alcohol, in an escalating row over the arrest of a diplomat in New York. Full Article | Slideshow
Financial Tech ruled 'not fit' to run India's biggest commodities bourse. Full Article