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State-owned banks were spotted selling dollar around 66.49 rupee levels to stem further weakness in the local currency, likely on behalf of the central bank, two traders told Reuters.
The rupee was trading at 66.4150/4200 per dollar after testing its lowest since September16 at 66.50 earlier in the session. It had closed at 65.7550/65.7650 on Friday.
A large infrastructure development company was also spotted selling dollar in a likely bid to benefit from a steep fall in the rupee.
Indian markets fell on Monday after Prime Minister Narendra Modi’s heavy defeat in Bihar state elections raised concerns the government would struggle to pass policy reforms, while stronger-than-expected US jobs data also weighed.
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