look news india
The Reserve Bank of India made a strong effort on Wednesday to prevent the rupee from falling in the foreign exchange market. To prevent the rupee from crossing the important level of 84 against the dollar, the RBI sold the dollar at 93.97 on Wednesday.
It is worth noting that in the first week of August, the rupee had reached an all-time low of 83.9725 against the dollar. Now to prevent the rupee from breaking this level, the RBI sold one dollar for every rupee and the rupee reached 83.9650 against the dollar. A currency trader at the bank said that there was a continuous offer at 83.97 on the interbank order machine system. He said that the RBI still does not want to see the rupee at the level of 84 against the dollar. However, on Wednesday, the USDINR futures were trading at 84.07 in the futures market. The rupee is still considered weak in the near future.