MUMBAI (Reuters) – The Reserve Bank of India was likely selling U.S. dollars on Thursday to prevent the rupee from weakening past the key psychological level of 84, four traders told Reuters.
The rupee was quoting at 83.9675 per U.S. dollar compared to 83.9650 in the previous session.
The rupee “has not caught any relief” from the “helpful Asia cues” and again needs the help of RBI, a currency trader at a mid-sized private sector bank said.
Other Asian currencies were higher on Thursday amid rising expectations the Federal Reserve will decide on a large rate cut at this month’s meeting.
This post is originally published on INVESTING.
