Indian central bank likely selling dollars to prevent rupee from dipping past 84, traders say
MUMBAI - The Reserve Bank of India was likely selling U.S. dollars on Thursday to prevent the rupee from weakening past the key psychological level of 84, four traders told Reuters.The rupee"has not caught any relief" from the"helpful Asia cues" and again needs the help of RBI, a currency trader at a mid-sized private sector bank said.
Other Asian currencies were higher on Thursday amid rising expectations the Federal Reserve will decide on a large rate cut at this month's meeting.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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