Skip to content
Subscriber Only
Business
Economics

Rupee's Slide to 15-Month Low Said to Have Spurred Intervention

  • State banks seen selling dollars, probably for RBI: traders
  • Asia currencies under pressure since April as dollar rallied

The rupee’s slide to a 15-month low after Prime Minister Modi’s Bharatiya Janata Party failed to gain a majority in a key state election prompted the authorities to step in and support the currency, traders said.

State-run banks sold dollars on Wednesday, probably on behalf of the central bank, according to two Mumbai-based traders who asked not to be identified as they are not authorized to speak publicly. The rupee strengthened as much as 0.5 percent to 67.7563 per dollar after tumbling to 68.1425 on Tuesday, the weakest since January 2017.