The Reserve Bank of India likely sold dollars via state-run banks on Monday after the rupee plumbed a fresh record low following a U.S. jobs report that firmed bets of more aggressive rate hikes.
The rupee hit a record low of 82.6825, before easing to last trade at 82.38. It is now only marginally lower from 82.32 in the previous session.Register now for FREE unlimited access to Reuters.comThe intervention by the RBI was confirmed to Reuters by two banks and a Mumbai-based brokerage firm.
"The RBI activity, in our opinion, is not more aggressive than in recent days," a spot dealer at a private sector bank said. "But the rupee has reacted much more than it does, which we think is basically a function of the levels we are at."Reporting by Nimesh Vora; Editing by Savio D'Souza
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