RBI said to have intervened as Rs hits 53 vs $

The Indian rupee dipped below 53 to the dollar to touch a near 4-month low on Wednesday on sustained dollar demand by oil importers but recovered later in the day after reported intervention by the Reserve Bank of India (RBI).

The Indian rupee dipped below 53 to the dollar to touch a near 4-month low on Wednesday on sustained dollar demand by oil importers but recovered later in the day after reported intervention by the Reserve Bank of India (RBI).

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After opening the day at 52.7 against the dollar, the rupee fell to a low of 53.0 to the dollar, a level last seen on January 5, before it pulled back to 52.9.

The RBI, which intervenes only to prevent sharp volatility, has a policy of not commenting on currency movements or confirming interventions in the foreign exchange market.