Indian rupee just shy of record low; focus on RBI intervention
A man counts Indian currency notes inside a shop in Mumbai, India, August 13, 2018/ Reuters
The Indian rupee weakened at the open on Thursday and was trading just shy of its lifetime low hit earlier this week, tracking losses in most other Asian peers but traders expect dollar-selling intervention by the central bank to limit losses.
The partially convertible rupee was fetching 80.01/02 per dollar by 0337 GMT, compared with its close of 79.99 on Wednesday and near its record low of 80.0650 touched on Tuesday.
Investors will watch out for the central bank after a source said the RBI was prepared to sell another $100 billion to defend the rupee from rapid falls.
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