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RBI Likely Sold Dollars at 72 Rupee per Dollar to Stem Sharp Fall in Rupee, Claim Dealers

The Indian rupee was trading at 71.88 to the dollar after briefly falling to 72.04 in early trade.

Reuters

Updated:September 7, 2018, 10:38 AM IST
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RBI Likely Sold Dollars at 72 Rupee per Dollar to Stem Sharp Fall in Rupee, Claim Dealers
File photo of RBI headquarters in Mumbai. (Reuters)
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Mumbai: The Reserve Bank of India likely sold dollars via state-run banks at around 72 rupee to the dollar level to prevent the Indian currency from slipping sharply, two dealers said.

The Indian rupee was trading at 71.88 to the dollar after briefly falling to 72.04 in early trade. It had touched a record low of 72.11 to the dollar on Thursday before closing at 72.00.

The Indian rupee on Thursday, September 6, 2018, crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front.

The domestic currency was quoted 37 paise lower at 72.12 against the US dollar in afternoon trade.

Investors remained concerned over sustained foreign capital outflows and widening current account deficit in the wake of soaring crude oil prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 71.67 a dollar against its previous record closing of 71.75, but failed to sustain initial strength and fell back to breach the 72-mark.

The rupee’s unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency.

On Wednesday, the domestic unit plummeted to a historic low of 71.97 a dollar in intraday trade before finding some respite.​

(With inputs from PTI)

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