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RBI intervenes as rupee falls to near record low

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by November 24, 2016 General

MUMBAI The Reserve Bank of India was spotted intervening in the foreign exchange market after the rupee fell to as low as 68.8350 per dollar on Thursday, on the verge of surpassing its previous record low of 68.85 in August 2013, traders said.

The rupee was trading between 68.81 and 68.83 per dollar, compared with its close of 68.56 on Wednesday.

The rupee has been hit hard this month by a rally in the dollar and outflows from emerging markets, as well as worries about the country’s demonetisation drive.

(Reporting by Suvashree Dey Choudhury and Rafael Nam; Editing by Subhranshu Sahu)

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