RBI sells dollars as rupee hits record low: traders

The Reserve Bank of India was spotted selling dollars via state-run banks on Monday to slow the rupee's slide after the domestic currency hit a record low earlier in the session, five traders said.

The partially convertible rupee was trading at 61.05/06 per dollar at 9:50 a.m. after earlier hitting a record low of 61.21. Also Read: See further rupee weakness; can't bet on RBI's aid: HDFC Bk Three traders said the central bank likely started selling dollars when the rupee was trading at around 61.15 levels, while two other dealers said they were spotted a little earlier at around 61.21 levels. The rupee fell on Monday on fears of foreign outflows after stronger-than-expected US jobs growth data cemented expectations of an early end to US stimulus measures.