Rupee closes shy of 80/$ as RBI shields currency, exporters sell dollars

The rupee settled just below 80 per US dollar on Wednesday as market interventions by the Reserve Bank of India (RBI) and dollar sales by banks on behalf of exporters reined in depreciation in the domestic currency, said dealers. The rupee settled at 79.99 per dollar on Wednesday — a fresh closing low for the Indian unit versus the greenback.

On Tuesday, the rupee had breached the 80-per-dollar-mark for the first time, weakening to a low of 80.06 to a dollar, before recovering ground to settle at 79.95 per dollar.

The rupee has given up 7.1 per cent versus the