MUMBAI - Reserve Bank of India likely intervened in the foreign exchange market to sell dollars at around 53.30 rupees per dollar levels, four traders said.
RBI likely intervened via state-run banks which were seen heavily selling dollars pushing the rupee up in late trade, they said.
The local unit was under selling pressure on weak equities and dollar demand from oil importers and defence firms for month-end obligations for most of the session, traders said.
The rupee closed at 53.07/08 to the dollar, after touching a low of 53.44 intra day. It was pulled back from 53.30 to 52.98 to the dollar after the suspected dollar selling, traders said.
Source : moneycontrol.com