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More drama in the currency markets!
India’s currency, the rupee, hit an all-time low today before rebounding – sparking speculation that the Indian central bank was selling dollars via state-run banks to curb the weakness.
The Reserve Bank of India “stepped in heavily” near the 85.80 level, which helped the rupee recover, a trader at a foreign bank said.
Dollar demand related to maturing non-deliverable forwards (NDF) and currency futures weighed on the rupee on Friday while panic dollar buying from importers compounded the pressure, traders said.
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