RBI likely selling US dollars to prevent rupee slide beyond 90, traders say

The rupee dropped to a record low of 89.85 to the US dollar before the RBI stepped in. It recovered to 89.7625 thereafter.

The Reserve Bank of India is likely selling US dollars to keep the rupee from sliding past 90, traders said, with corporate dollar demand, patchy exporter supply and speculative positioning contributing to the currency’s weakness.

The rupee dropped to a record low of 89.85 to the US dollar before the RBI stepped in. It recovered to 89.7625 thereafter. (Representational/Unsplash)

The rupee dropped to a record low of 89.85 to the US dollar before the RBI stepped in. It recovered to 89.7625 thereafter.