The Reserve Bank of India has likely been selling dollars in the non-deliverable forward (NDF) market this week to prevent the rupee from weakening past 83 per dollar, five bankers told Reuters on Friday.
The rupee , currently trading at 82.7725 to the dollar, fell to 82.8975 on Wednesday, but managed to avert a further slide despite a jump on U.S. yields and a broad selloff in Asian currencies.
The central bank's move to sell dollars in the NDF before the open was likely aimed at ensuring that rupee does not fall below 83, the bankers said.The South Korean won, the Thai baht are both down around 2.4% each this week. The Philippine peso has lost 1.3%, while the Chinese yuan has declined about 1% in the same period.Two of the bankers said that the RBI had been selling dollars in the NDF market prior to the opening of the onshore over-the-counter markets.
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