RBI likely intervened in NDF to stop rupee from hitting record low, traders say

RBI likely intervened in NDF to stop rupee from hitting record low, traders say

India's central bank likely intervened in the non-deliverable forward market before the local spot market opened on Wednesday, to prevent the rupee from dropping to an all-time low, six traders said.

The rupee was at 83.5525 to the U.S. dollar, only marginally away from the 83.5750 all-time low it hit in April.

The currency opened at 83.5450. It would have probably opened at a new low if not for the Reserve Bank of India's intervention, traders said.

The RBI "hammered" dollar/rupee before the open, an fx salesperson at a private sector bank said.

The central bank has regularly intervened in both the NDF and the local spot market to keep a check on the rupee.