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Indian cenbank likely sold dollars to limit rupee's decline –traders

Reuters
·1-min read
FILE PHOTO: Illustration photo of an India Rupee note

MUMBAI (Reuters) - The Reserve Bank of India likely sold dollars via public sector banks after the rupee weakened past 82.50 to the U.S. dollar on Thursday, its lowest in almost two months, three traders told Reuters.

The rupee was at 82.4675 to the dollar, having fallen to 82.5575 earlier on worries over cash dollar shortage.

"It looks like RBI for decided to step in, which is not a big surprise," a trader at a private sector bank said.

"Not sure how much of an impact the intervention will have with the cash dollar situation."

(Reporting by Nimesh Vora; Editing by Savio D'Souza)