The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee extended losses to hit a record low, three traders told Reuters.
The rupee was last trading at 81.0575 per U.S. dollar, compared with the day’s low of 81.2250 and the previous session’s close of 80.86.
“The intervention at 81.20 was quite aggressive and possibly puts a floor on the rupee for the time being,” a trader at a private sector bank said.
Two state-run bank traders also confirmed that the RBI sold dollars.
