India's RBI likely intervenes to support rupee, drain cash
The Reserve Bank of India likely intervened in the foreign exchange market on Tuesday by selling dollars to support the rupee and conducting dollar-rupee sell/buy swaps to drain excess cash, according to four traders.
The Reserve Bank of India likely intervened in the foreign exchange market on Tuesday through dollar sales to support the rupee and dollar-rupee sell/buy swaps aimed at draining excess cash, according to four traders who spoke to Reuters. 41 per dollar, recovering marginally from its earlier level.