RBI likely intervened to defend rupee, say dealers

The Reserve Bank of India likely sold dollars via state-run banks on Thursday after the rupee came close to hitting a record low against the dollar, three dealers said.

The Reserve Bank of India likely sold dollars via state-run banks on Thursday after the rupee came close to hitting a record low against the dollar, three dealers said.

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"The RBI was seen selling dollars from 56.40 rupee levels. It seemed like mild selling," a state-run bank dealer said.

At 10.44 am, the rupee was trading at 56.36/37 to the dollar after falling to as low as 56.49 earlier in trade, just off a record low of 56.52 hit on May 31.