MUMBAI Indian state-owned banks were likely selling dollars on behalf of the Reserve Bank of India (RBI) to cap losses for the local currency, three FX traders told Reuters.
The Indian rupee had fallen to an over two-week low of 66.6625 to the dollar earlier in the session, tracking weak local shares and dollar demand from oil importers.
At 0945 GMT, the Indian rupee was little changed at 66.60/61 compared with 66.61/66.62 previous close.
(Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)
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