Market News
Indian central bank likely selling dollars to support rupee, traders say - REUTERS
MUMBAI, Jan 3 (Reuters) - The Indian central bank was likely selling dollars on Friday to limit the rupee's losses and prevent it from hitting a record low, five traders told Reuters.
The rupee was quoted at 85.77 to the U.S. after dipping to an intraday low of 85.7950 in afternoon trade amid a fall in the Chinese yuan and an uptick in the dollar.
The domestic unit had hit a record low of 85.8075 last week.
State-run banks were spotted offering dollars, mostly likely on behalf of the Reserve Bank of India (RBI), around 85.77-85.79 levels, traders said.
