RBI likely sold dollars to support rupee at Thursday open
In short
The Reserve Bank of India was reported to have sold dollars at Thursday’s market open to help the rupee. The rupee opened at 96.6825 per dollar, and offers were seen around 96 per dollar.
This matters because the currency was near its record low of 96.96 from May. It is not officially confirmed whether the RBI intervened, and the full market impact is still unknown.
What the reporting says
The Reserve Bank of India reportedly sold dollars at Thursday’s market open to support the rupee, with state-run banks spotted offering dollars around 96 per dollar. The rupee opened at 96.6825 per dollar and was said to be near its all-time low of 96.96 from May. The reporting suggests intervention, but the RBI did not officially confirm it and the final market impact was not stated.
Why it matters
The reported dollar sales at Thursday’s open point to possible RBI action to steady the rupee as it traded near a record low. Traders said state-run banks were offering dollars around 96 per dollar, with the rupee opening at 96.6825. The immediate implication is support for currency stability, but the reporting does not confirm the RBI’s role or whether the move changed the broader trend.