RBI steps in to help rupee avert fall past record low, traders say

State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said.

The Reserve Bank of India likely intervened to help the rupee hold above its all-time low on Monday, four traders told Reuters, as the currency encountered pressure due to a broadly firmer dollar and persistent importer hedging.

The rupee was last at 88.76 per US dollar, nearly flat versus its closing level in the previous session and within touching distance of its all-time low of 88.80 hit in late-September.

State-run banks were spotted offering dollars, most likely on behalf of the RBI, traders said.

The dollar index was at 99.76, hovering near its highest level in three months, while Asian currencies were flat to modestly weaker on the day.