The rupee closed at 51.22 against the dollar, on month-end dollar demand from oil companies. These levels were last seen more than two months ago.
According to forex dealers, the Reserve Bank of India may have sold dollars to arrest the rupee’s volatility.
On Thursday, the domestic currency opened lower at 50.80. It moved down in a one-way direction and closed 55 paise lower than the previous close of 50.67.
During the day it touched a low of 51.27, before recovering slightly towards close. This indicates that the RBI may have stepped in to sell dollars.
The rupee closed at 51.22 against the dollar, on month-end dollar demand from oil companies. These levels were last seen more than two months ago.
According to forex dealers, the Reserve Bank of India may have sold dollars to arrest the rupee’s volatility.
On Thursday, the domestic currency opened lower at 50.80. It moved down in a one-way direction and closed 55 paise lower than the previous close of 50.67.
During the day it touched a low of 51.27, before recovering slightly towards close. This indicates that the RBI may have stepped in to sell dollars.