RBI sold dollars via state-run banks to defend rupee

MARKETS-INDIA-RUPEE:RBI sold dollars via state-run banks to defend rupee: dealers

May 23, 2012 / 15:35 IST

MUMBAI (Reuters) - The RBI likely sold dollars via state-run banks on Wednesday after the rupee plunged to a new record low, four dealers said.

The RBI likely sold dollars from 55.75 rupee levels after the local unit fell to as low as a record low of 55.82 in early trade, down from its 55.39/40 close on Tuesday.

(Reporting by Archana Narayanan & Subhadip Sircar)

first published: May 23, 2012 09:52 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347