HomeIndiaIndia's central bank likely to sell dollars to prevent rupee from falling...

India’s central bank likely to sell dollars to prevent rupee from falling to record low: traders

A cashier checks Indian rupee notes inside a room at a fuel station in Ahmedabad, India, September 20, 2018. REUTERS/Amit Dave Acquire license rights

MUMBAI, Sept 18 (Reuters) – India’s central bank is possibly selling dollars through public sector banks, with the rupee just shy of a record low, six traders told Reuters.

The rupee was at 83.2025 per US dollar, down from 83.09 at the open and a step away from the all-time low of 83.29.

“I heard the names of public sector banks in the offer (on USD/INR), which one would have to think is for the RBI (Reserve Bank of India),” said a trader at a private sector bank.

According to traders, two large public sector banks were the main sellers of dollars.

The RBI has been on offer at “various prices” and is not maintaining any particular price at the moment, another trader said.

“It would not be a surprise if the rupee fell to a new low despite the RBI. The dollar sell-off is being absorbed without any difficulty,” he said.

Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala

Our standards: The Thomson Reuters Trust Principles.

Acquire license rightsopen a new tab

Source link

- Advertisment -