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Intervention Brakes Rupee Slide as $2.8 Billion Flees

  • ‘RBI has been supplying dollars almost on a daily basis:’ RBL
  • Global funds have dumped Indian bonds and stocks this month
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Winners and Losers From India's Cash Ban

Corrected

The rupee’s slide toward a record low, amid $2.8 billion in outflows from Indian stocks and bonds, is prompting speculation the central bank will step up intervention to stem losses.

With a Federal Reserve interest-rate increase next month all but a certainty for bond traders, the rupee has slumped 2.6 percent in November, the most in 15 months. At 68.5650 per dollar, the currency is within 0.4 percent of the unprecedented 68.845 reached in 2013. The Reserve Bank of India has probably sold dollars via state-run banks on at least four occasions in less than a fortnight, according to information from traders who asked not to be named.