Indian central bank likely steps in to avert rupee record low as oil surges: Traders
The rupee was hovering around 96.70 per dollar on the interbank order matching system as of 08:55 am IST, holding above its all-time low of 96.96 hit in May
A man counts Indian currency notes inside a shop in Mumbai, India, August 13, 2018. Photo: REUTERS/Francis Mascarenhas/ File Photo
The Reserve Bank of India likely intervened in the foreign exchange market on Friday, three traders told Reuters, as the rupee neared its all-time low, with Brent crude oil prices rising past $100 per barrel amid the intensifying conflict in the Middle East.
The rupee was hovering around 96.70 per dollar on the interbank order matching system as of 08:55 am IST, holding above its all-time low of 96.96 hit in May.
State-run banks were spotted offering dollars, most likely on the RBI's behalf, one of the traders said.
Keep updated, follow The Business Standard's Google news channel
