India's RBI likely sells dollars as surging U.S. yields hold rupee hostage - traders
Reuters
Published Sep 28, 2022 12:25AM ET
Updated Sep 28, 2022 12:36AM ET
MUMBAI (Reuters) - The Indian central bank likely sold dollars via state-run banks on Wednesday as rising Treasury yields and mounting risk aversion pushed the rupee to a record low, traders said.
The rupee was trading at 81.8675 per U.S. dollar, down from 81.58 in the previous session. The local unit earlier reached a record low of 81.9350.
The intervention by the Reserve Bank of India was confirmed to Reuters by three bankers and a brokerage firm.
"There are two major state-run banks who are selling dollars," said one of the traders.
"It looks like they want to protect the 82 level for today."
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.