RBI intervenes to prevent rupee from slipping past 80 to dollar
Image Credit: swarajyamag
The Reserve Bank of India intervened in currency markets to ensure that the Rupee did not breach the psychologically crucial Rs 80 to the dollar mark in the spot market after the currency breached the barrier in the offshore and over-the-counter markets after market hours on Thursday, currency traders said. The rupee opened at 79.93 against the dollar on Friday, hitting an intraday low of 79.96, before recovering to close at 79.88.