August 29, 2018 / 5:53 AM / 3 months ago

Rupee hits record low, dealers say RBI intervention mild

An attendant at a fuel station arranges Indian rupee notes in Kolkata, August 16, 2018. REUTERS/Rupak De Chowdhuri/File Photo

MUMBAI (Reuters) - The Indian rupee touched a record low of 70.475 to the dollar on Wednesday, tracking weakness in Asian peers and on strong month-end dollar demand back home.

The Reserve Bank of India likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.

“The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level,” said one official.

“It is just supplying dollars in small amounts.”

The rupee was trading at 70.45 per dollar, compared with its previous close of 70.10 on Tuesday.

Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu

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