India central bank likely intervening to prevent rupee from slipping to record low, traders say

MUMBAI (Reuters) – India’s central bank was selling dollars at the 83.97 level on Wednesday to keep the rupee from dropping to a lifetime low, three traders told Reuters.

The rupee was at 83.9650 to the U.S. dollar, avoiding a dip past the lifetime low of 83.9725 hit in the first week of August.

“Consistently seeing offers (on dollar/rupee) at 83.97 (on interbank order matching system) and from brokers,” a currency trader at a bank said.

“RBI yet again does not want to see 84.”