May 16, 2018 / 3:53 AM / 5 days ago

India cenbank likely intervened in fx market to stem rupee fall - dealers

MUMBAI, May 16 (Reuters) - India’s central bank likely intervened heavily in the foreign exchange market right from the start of trade on Wednesday to stem any fall in the rupee, three dealers said.

“It looks like RBI is in a mood today,” said a senior dealer at a state-run bank, estimating that within the first 10 minutes the Reserve Bank of India might have sold $300 million to $400 million proactively to prevent any sharp fall in the rupee.

The rupee was trading at 67.8775 to the dollar compared with its previous close of 68.15 as against expectation of the rupee weakening early on itself on firm crude and widening India trade deficit. (Reporting by Suvashree Dey Choudhury; Editing by Gopakumar Warrier)

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