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INR: RBI Likely Sold Dollars to Prevent Sharp INR Decline, Traders Tell Reuters

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  • The Indian central was likely selling dollars via large state-run banks on Friday to prevent sharp declines in the rupee after it weakened past 84 for the first time, five traders told Reuters.
  • Citing a trader at a large private bank, Reuters report that state-run banks were spotted selling dollars and the offers were "especially strong" near 84.07-84.08 levels.
  • The traders added that strong dollar demand from oil companies and large foreign banks, likely related to outflows from local equities, pressured the rupee.
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  • The Indian central was likely selling dollars via large state-run banks on Friday to prevent sharp declines in the rupee after it weakened past 84 for the first time, five traders told Reuters.
  • Citing a trader at a large private bank, Reuters report that state-run banks were spotted selling dollars and the offers were "especially strong" near 84.07-84.08 levels.
  • The traders added that strong dollar demand from oil companies and large foreign banks, likely related to outflows from local equities, pressured the rupee.