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Ahead of policy decision, RBI steps in to save rupee from hitting a new low

Currency trades in a narrow zone; ends the day at 77.71 against dollar

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In April, the RBI sold $2 billion on a net basis in the spot market – a record high – which slowed the pace of currency depreciation.

Manojit Saha Mumbai

3 min read Last Updated : Jun 08 2022 | 7:59 AM IST

The Reserve Bank of India (RBI) stepped up its intervention in the foreign exchange market on Tuesday as the rupee headed for a new all-time low after a weak opening, though the currency traded in a narrow range ahead of the monetary policy review by the central bank.

The rupee opened at 77.68 to a US dollar compared to the previous close of 77.63, and went on to hit the day’s low of 77.74. According to currency dealers, state-run banks sold dollars on behalf of the RBI at around 77.70 levels. The rupee ended the day at 77.71, down 8

Topics : Reserve Bank of India RBI foreign exchange Indian rupee monetary policy review

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