Rupee nears all-time closing low; RBI steps in
Financial Express Mumbai|March 28, 2024
THE RUPEE FELL to 83.45 against the dollar on Wednesday - lower than the all-time closing low of 83.43 on March 22 - as the yearend demand from importers created a shortage of the greenback.
SACHIN KUMAR

However, it closed 83.38 per dollar, reflecting a fall of 9 paise.

According to currency traders, the sharp fall during the day forced the Reserve Bank of India (RBI) to step in to stem the fall.

"RBI stepped in today by selling dollars to reduce sharp volatility in rupee. The central bank intervention was on expected lines because while it has stated that it does not target any level, but it aims to curb sharp volatility," said Kunal Sodhani, vice-president-treasury, Shinhan Bank.

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