You are here

India central bank intervenes via state-run banks to curb rupee's rise: traders

rbi310316.jpg
The Reserve Bank of India has intervened aggressively to curb the rupee's strength as it struck three-month highs, two traders said on Thursday, estimating that the central bank had bought around $1 billion since Wednesday.

[NEW DELHI] The Reserve Bank of India has intervened aggressively to curb the rupee's strength as it struck three-month highs, two traders said on Thursday, estimating that the central bank had bought around $1 billion since Wednesday.

They said the RBI was spotted buying the greenback via state-run banks at around 66.2150 rupees per dollar on Thursday, a level last seen on Jan. 1.

At 0755 GMT, the rupee stood at 66.2300/2350 to the dollar, compared to 66.37/66.38 per dollar on Wednesday.

The Indian currency has gained as a result of broad inflows into emerging markets after the Federal Reserve signalled it would be more cautious raising interest rates than market participants had earlier thought.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom