RBI Swung Into Action To Cut The Rupee's Losses

Published date: .


Reserve Bank of India

Thursday stepped in to curb the


’s sharp slide towards 80, the psychological mark as the central bank is said to have sold as much as $2 billion paring the rupee’s losses against the



RBI could not be contacted immediately for comments.

The rupee lost 0.39 percent to close at 79.47 a dollar. During the day’s trading it extended losses up to a level of 79.83 when select banks were seen selling dollars on behalf of the RBI. In a gap-down the unit suddenly cut losses.

“The Rupee’s losses Thursday were exclusive to the local market as the dollar was marginally lower to 106.16,” said a trader from a large bank.

“The pressure came from the offshore derivatives market weighing on the rupee,” said the person.

The local unit touched a lifetime low of 80.06 on July 21. Earlier this week, the rupee gained amid signs of a relief rally improving its ranking among emerging market currencies.

“Although the RBI does not aim fo

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