RBI Intervenes with Heavy Dollar Sales to Support Rupee
The Reserve Bank of India deployed aggressive pre-market dollar sales through state-run banks to halt the rupee's decline after it neared 97 against the dollar. The currency rallied to 96.30 at the open as the central bank acted to curb speculative positions and volatility driven by rising oil prices.
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The Reserve Bank of India sold heavy dollar volumes on Thursday morning to stop the rupee from falling past 97 per United States dollar. The currency rose 0.5% to 96.30 after losing 2.5% over the previous nine trading sessions. State-run banks deployed dollars aggressively during the pre-open window following a persistent slide in the rupee.
