MUMBAI (Reuters) -The Reserve Bank of India is reportedly selling dollars via state-run banks to stabilize the rupee, which has come under pressure on worries about the fallout from potential steep U.S. tariffs, three traders said.
The rupee was trading at 87.7350 to the dollar, down 0.18% on the day and off an intraday low of 87.80.
“It looks like the RBI is defending 87.80 for now,” said a currency trader at a mid-sized private bank. “How long they can or will hold is anyone’s guess.”
(Reporting by Nimesh Vora; Editing by Rashmi Aich)
