Rupee recovers 1.6 pc, RBI hand seen

Mumbai: The rupee recovered 1.6 percent from the day’s low on Wednesday after the Reserve Bank of India’s suspected intervention, a day after the currency had slumped to an all-time low.

[caption id=“attachment_137897” align=“alignleft” width=“380” caption=“The rupee recovered 1.6 percent from the day’s low on Wednesday.Unlisted Sightings via Flickr”] [/caption]

State-run banks were spotted selling dollars starting at 52.55 rupees, likely on behalf of the RBI, to stem rupee’s slide, five traders said.At 9:38 am, the partially convertible rupee was at 51.90/91 per dollar after touching 51.76 from the day’s low of 52.60, Reuters data showed.

The unit had closed at 52.2950/3050 on Tuesday after hitting a record low of 52.73.

Reuters