The rupee stood at 81.90 per dollar, down from the day’s high of 81.7750. (File)
Bombay:
The Reserve Bank of India (RBI) may have been buying dollars in cash today and paying in installments through public sector banks to clean up foreign exchange inflows, three traders told Reuters.
The rupee stood at 81.90 per dollar, down from the day’s high of 81.7750 and compared to 82.0550 in the previous session.
Two major public sector banks bought dollars near the 81.80 levels, likely ahead of the RBI, traders said. Meanwhile, a German-based bank has been persistently bidding on the pair, according to traders.
“There are definitely some detention-related or non-deliverable forward (NDF)-related inflows,” said a trader at a private sector bank.
In addition, public sector banks executed sell/buy swaps for February delivery, traders said. The term premium in February rose to 1.7150 rupees.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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