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 | August 20, 2013 05:05 PM IST

1 min read

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.