Indian central bank likely intervenes to prop up rupee before local market open, traders say

[MUMBAI] The Reserve Bank of Indian likely intervened to support the rupee before the local spot market opened on Monday, four traders told Reuters, putting the currency on track to open above its all-time low hit on Friday.

The rupee was last quoting at 89.23 per US dollar on the interbank order matching system after falling to near 89.50 in early trading.

Traders said that the central bank had likely stepped in the spot and non-deliverable forwards market to support the South Asian currency.

The rupee has declined 4.5 per cent over the year so far and is among the worst-performing Asian currencies this year. REUTERS