RBI sells dollars to support rupee
The Reserve Bank of India intervened in the currency market by selling dollars during Friday's session. The action helped the rupee open slightly higher despite mounting pressure from rising global oil prices.
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India's central bank sold dollars during Friday morning's session to cushion the rupee against rising oil prices, two traders said. The intervention helped the currency open higher at 94.46 compared to 94.4850 on Thursday.
