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RBI seen intervening in forex market again,Indian rupee recovers most losses

Earlier,RBI was spotted selling dollars both in spot and forward markets.

Written by Reuters | Mumbai | Published: August 20, 2013 5:05:42 pm

Reserve bank of India (RBI) was again spotted selling dollars via state-run banks to prop up the rupee starting around 63.45-63.50 rupee levels,three traders told Reuters.

The partially convertible rupee recovered to the day’s high of 63.25/26 per dollar on the back of the intervention,retreating sharply from the record low of 64.13 reached in early trade but still slightly weaker from Monday’s 63.13/14 close.

Earlier in the day too,the central bank was spotted selling dollars both in the spot and forward markets.

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