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Indian central bank likely intervenes to prop up rupee before local market open, traders say

Indian central bank likely intervenes to prop up rupee before local market open, traders say

By Swedan Margen

Fashion

The Reserve Bank of Indian likely intervened to support the rupee before the local spot market opened on Monday, four traders told Reuters, putting the currency on track to open above its all-time low hit on Friday.

The rupee was last quoting at 89.23 per US dollar on the interbank order matching system after falling to near 89.50 in early trading.

Traders said that the central bank had likely stepped in the spot and non-deliverable forwards market to support the South Asian currency.

The rupee has declined 4.5 per cent over the year so far and is among the worst-performing Asian currencies this year. REUTERS

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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Indian central bank likely intervenes to prop up rupee before local market open, traders say | Grazia British