India’s central bank (RBI) was seen selling dollars via state-run banks,starting at around 63.85 levels,to pull the rupee off record lows,five dealers told Reuters.
The rupee was last at 63.56/58 to the dollar,off its low of 64.13 seen early in session.
Bond yields also came off with the recovery in the rupee. The 10-year yield was last at 9.27 percent,up 4 basis points on the day,tracking the rupee recovery. It rose to 9.48 percent in session.