August 12, 2015 / 4:47 AM / 2 years ago

RBI seen intervening to slow rupee falls

MUMBAI (Reuters) - The Reserve Bank of India (RBI) started to sell dollars through state-owned banks at around the 64.85 level to slow the falls in the rupee after the domestic currency hit a 23-month low, three traders said.

A cashier counts rupee currency notes inside a bank in Mumbai December 6, 2013. REUTERS/Danish Siddiqui/Files

The rupee was trading at 64.8250/8350 per dollar at 10:01 a.m., after weakening to as much as 64.86, its lowest level since September 2013, when the country was in the midst of its worst currency turmoil since the 1991 balance of payment crisis.

RBI Governor Raghuram Rajan has previously said the central bank would not target a specific exchange rate and would only intervene to smoothen volatility.

Reporting by Neha Dasgupta and Swati Bhat; Editing by Rafael Nam

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