Rupee holds near 96 per dollar on RBI support
The Indian rupee steadied near the 96 per dollar level on Wednesday as persistent central bank intervention cushioned the currency against heavy foreign portfolio outflows. State-run banks stepped in to sell dollars following record equity selling by overseas investors.
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The India rupee held near 96 per dollar on Wednesday morning as foreign outflows weighed against central bank intervention. The currency was on course for a 0.8% monthly fall and a 1.3% quarterly decline. State-run banks stepped in to sell dollars after the open, mirroring interventions seen over the past fortnight.
