India central bank likely intervening to prevent rupee from slipping to record low, traders say

MUMBAI (Reuters) – India’s central bank was selling dollars at the 83.97 level on Wednesday to keep the rupee from dropping to a lifetime low, three traders told Reuters.

The rupee was at 83.9650 to the U.S. dollar, avoiding a dip past the lifetime low of 83.9725 hit in the first week of August.

“Consistently seeing offers (on dollar/rupee) at 83.97 (on interbank order matching system) and from brokers,” a currency trader at a bank said.

“RBI yet again does not want to see 84.”

This post is originally published on INVESTING.

  • Related Posts

    Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

    Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all…

    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    Investing.cm — Citi Research has simulated the effects of a hypothetical oil price surge to $120 per barrel, a scenario reflecting potential geopolitical tensions, particularly in the Middle East.ย  As…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

    • November 23, 2024
    Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports

    Forex Account Management: Pros, Cons, and Expert Tips

    • November 23, 2024
    Forex Account Management: Pros, Cons, and Expert Tips

    DXY Dominance: We Called It! The Bullish Breakout Everyone Saw Coming (If They Followed Us) ๐Ÿ’ช๐Ÿ“ˆ

    • November 23, 2024
    DXY Dominance: We Called It! The Bullish Breakout Everyone Saw Coming (If They Followed Us) ๐Ÿ’ช๐Ÿ“ˆ

    EUR/USD: The Fall of the Titans and What Lies Ahead! ๐Ÿ’ฅ๐Ÿ“‰

    • November 23, 2024
    EUR/USD: The Fall of the Titans and What Lies Ahead! ๐Ÿ’ฅ๐Ÿ“‰

    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    • November 23, 2024
    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens

    • November 23, 2024
    Citi simulates an increase of global oil prices to $120/bbl. Here’s what happens