The Indian rupee recovered from a record low to end flat on Monday after the Reserve Bank of India (RBI) likely intervened in the markets, but analysts maintained their view that the local currency was set for further losses.
The partially convertible rupee pared all its losses to close unchanged at 82.32 per dollar, pulling back from a record low of 82.6825 hit in early morning trades.Reuters, as a U.S. jobs report firmed bets of more aggressive rate hikes by the Federal Reserve and prompted a sell-off in Asian assets.RBI has been in the market "continuously", as they "clamped down" on the rupee to bring it to 82.40 to the dollar, said a trader with a Mumbai-based bank.
The Indian currency has gone from trading under 80 per dollar to above 82 in a span of less than three weeks, with the central bank seen stepping in occasionally to curb volatility.
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