RBI likely sold up to $500mn to defend rupee

May 15, 2012 |

Reuters

mumbai

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The RBI is estimated to have sold $400-$500 million worth in spot, though possibly some of that was also in forward markets, dealers say.

The USD/INR rebounds to 53.88/89 to the dollar, after being pulled down to as low as 53.50 from its intraday high of 54.15.

Dealers cautious on expectations RBI could step in again as it looks to defend the USD/INR at 54, dealers say.

Indonesia's central bank also spotted selling dollars as investors shun risk positions on intensifying fears over Greece.

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