The Reserve Bank of India may sell US dollars to support the rupee.
Jinse Finance reported that five traders indicated the Reserve Bank of India may sell US dollars on Thursday to support the rupee. The Indian rupee is under pressure from ongoing asset outflows and is hovering near its historical low. Traders said that state-owned banks are offering US dollars around 88.70, most likely on behalf of the Reserve Bank of India. A trader from a state-owned bank stated: "There is a presence of the central bank around the 88.68-88.70 level, but it is very weak; they are not active."
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