Rupee remains steady on likely RBI intervention

THE RUPEE REMAINED largely steady on Monday on likely intervention by the Reserve Bank of India (RBI).

- ANUPREKSHA JAIN

THE RUPEE REMAINED largely steady on Monday on likely intervention by the Reserve Bank of India (RBI), ending the day at 85.54 against the dollar. Broad-based dollar bids and declining Chinese yuan pressured the local currency, according to forex traders.

Asian currencies traded mostly lower on Monday, while the dollar index gained 0.1% to 108.1. The offshore Chinese yuan was down 0.2% at 7.31, pulled down by rising US bond yields.