According to four dealers, the Reserve Bank of India likely sold US dollars on Monday to limit rupee losses as the currency opened trading around a lifetime low.
The rupee began at 83.3850 against the US dollar, unchanged from Friday’s loss. On November 10, the currency touched a lifetime low of 83.42.
While other Asian currencies fell on Monday, traders believe the rupee’s losses will be limited.
According to a foreign exchange trader at a private bank, the RBI is likely to “keep protecting” the rupee near these levels.
from Firstpost India Latest News https://ift.tt/N7u0mTK
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