RBI likely intervened in forex market to stem rupee fall
Updated : May 16, 2018 10:55 AM IST
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.
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