India's RBI sells dollars as rupee hits record low on U.S. rate hike fears
Reuters
Published Oct 07, 2022 12:43AM ET
Updated Oct 07, 2022 12:55AM ET
MUMBAI (Reuters) - The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters.
The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the session low of 82.33.
The rupee dropped to 82.33 within the first ten minutes of the open and has been range bound since, likely due to the RBI intervention, traders said.
The intervention by the RBI was confirmed to Reuters by four bankers and a brokerage firm.
"Basically, the RBI is making its presence felt and letting traders know once again that it will not allow one-sided moves," said one of the state-run bankers who confirmed the intervention.
"The intervention will have an impact to (the extent) that it will not allow the rupee to fall more, but will not help rupee recover by much."
Get The News You Want
Written By: Reuters
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 investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.