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India cenbank likely selling dollars via state banks to cap rupee's losses, traders say

Reuters
·1-min read

MUMBAI, April 16 (Reuters) - The Indian central bank was likely selling dollars via state-run banks on Tuesday to curb the rupee's losses spurred by a selloff in Asian equities and currencies, four traders told Reuters.

The rupee was at 83.50 to the U.S. dollar at 9.42 a.m. IST, down from 83.45 in the previous session. The currency slipped to 83.5350, a lifetime low, earlier on Tuesday.

"Like yesterday, they (state-run banks) are again on the offer consistently," a senior trader at a private sector bank said.

The Reserve Bank of India usually intervenes via state-run banks. (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)