RBI likely intervened in forex market to stem rupee fall
The Reserve Bank of India (RBI) likely intervened heavily in the foreign exchange market right from the start of trade on Wednesday to stem any fall in the rupee, three dealers said.
"It looks like RBI is in a mood today," said a senior dealer at a state-run bank, estimating that within the first 10 minutes the Reserve Bank of India might have sold $300 million to $400 million proactively to prevent any sharp fall in the rupee.
Published Date: May 16th, 2018 10:02 AM | Updated Date: May 16, 2018 10:55 AM IST
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more