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Indian central bank likely offering US dollars to defend rupee

Indian central bank likely offering US dollars to defend rupee

Business

Indian central bank likely offering US dollars to defend rupee

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MUMBAI (Reuters) - The Reserve Bank of India is likely selling US dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday.

The rupee was at 83.2650 against the dollar, little changed from its close at 83.2575 in the previous session. The rupee, aided by the RBI, held its ground despite weakness in most Asian currencies and higher US yields.

The RBI's intervention "was expected", a foreign exchange trader at a private bank said.