MUMBAI, Sept 12 (Askume) – India’s central bank may sell dollars on Thursday to help keep the rupee above a key support level of 84, five traders told Askume.
The rupee closed at 83.9775 in the previous session and remained at 83.9775 during this period. Last week, the rupee hit an all-time low of 83.9850.
State-owned banks may provide dollars in “small batches” on behalf of the Reserve Bank of India at 83.97-83.98 levels, a foreign bank trader said.
The Reserve Bank of India has intervened regularly over the past month to help the rupee move closer to these levels, traders said.
Asian currencies fell on Thursday as strong US inflation data dashed expectations of the Federal Reserve cutting interest rates by 50 basis points next week.
