India's cenbank intervenes to defend rupee - traders

Published on: Wednesday 11 May 2022

India's central bank likely sold $700 million dollars to prop up the rupee on Thursday as it plunged to a record low, according to three traders, amid broad based selling in Asian currency markets. The rupee fell as much as 0.5% to 77.63 to the dollar, its second record low in less than a week. The Reserve Bank of India (RBI) intervened both in the spot and the futures market when the rupee hit 77.55-77.60, the traders, who did not want to be identified, told Reuters.

News source: https://news.yahoo.com/indias-cenbank-intervenes-defend-rupee-101041530.html

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India's cenbank intervenes to defend rupee - traders