Indian Rupee Slips, RBI Likely Selling Dollars To Support Currency, Traders Say
Date
11/30/2024 7:39:43 AM
(MENAFN- Khaleej Times)
India's central bank was likely selling US dollars on Friday to support the rupee near a key psychological support level of 23.0245 against the UAE dirham (84.50 against the US dollar), four traders told Reuters.
The rupee was at 23.0217 as of 7.45am UAE time, compared to its previous close at 23.0204.
State-run banks were spotted offering dollars near 23.0245, levels, most likely on behalf of the Reserve Bank of India, the traders said. The rupee had weakened to its all-time low of 23.0265 last week.
"While they (RBI) are active at these level, the rupee may still weaken to a fresh record low but the decline is likely to quite marginal," a trader at a private bank said.
The dollar index was lower by 0.2 per cent at 105.8 while most Asian currencies rose. The rupee, meanwhile, was unable to benefit from a softer dollar in the face of persistent foreign portfolio outflows, traders said.
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