Indian Central Bank Selling Dollars to Prop Up Rupee

The Reserve Bank of India was likely selling dollars via public sector banks on Monday to prevent the rupee from falling below 83 to the dollar, four traders told Reuters. The rupee was at 82.90 to the dollar, off the day’s high of 82.9475. Due to the likely dollar sales by the RBI, the rupee was doing well compared with most of its Asian peers.