Rupee recovers after falling below 61 against dollar
The partially convertible rupee was trading at 60.81/82 per dollar at 4 pm, close to the session's high of 60.79 but still well below its previous close of 60.2250/2350.
Mumbai: The RBI likely sold dollars via state-run banks on Monday afternoon to prevent the rupee from slipping below the 61 per dollar mark, four traders told Reuters, after intervening earlier in the morning as well.
The partially convertible rupee was trading at 60.81/82 per dollar at 4 pm, close to the session's high of 60.79 but still well below its previous close of 60.2250/2350. Earlier in the day, the rupee hit a life low of 61.21.
"The central bank likely sold dollars starting at around 60.92 levels. Not too sure about the quantum but in this market you hardly need a large quantum," a senior dealer with a private bank said, suggesting volumes are very thin.
- Cauvery Row: Ex-PM Deve Gowda Sits on Dharna Against 'Injustice'
- India's Claim of Surgical Strike False: Pakistan to UN Chief
- Cauvery Row: Siddaramaiah Calls All-Party Meet to Decide on SC's Order to Release Water
- China Urges India, Pakistan to Cool Down Situation
- Bhubaneswar-Bhadark Train Collides With Goods Train in Cuttack, 1 Dead
- Were Dabholkar, Pansare Shot by Same Assassin?
- Dabholkar Murder: CBI Names Right-Wing Medico as Chief Conspirator
- Man Kills Friend Suspecting Affair With Wife in Bhubaneswar