Central Bank Of India Has Most Likely Sold Dollars Via Banks Run By The State – Traders

“The Indian central bank is likely selling dollars via state-run banks to prevent the rupee from slipping to a record low,”

as mentioned by three trades to Reuters on Monday.

The rupee stood at 83.0850 to the dollar, marginally elevated from its close of 83.1025 on Friday.

“The Reserve Bank of India (RBI) likely sold dollars on the interbank order matching system before the normal OTC open time,” the traders had added.

The head of treasury at a foreign bank said that the RBI possibly was active towards the non-deliverable forwards.

“The price action clearly indicates another round of intervention,”

a fx spot trader added.

“We would have opened much higher (on USD/INR) had it not been for the RBI.”

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