RBI Likely Sold Dollars, Received Forwards To Stem Rupee's Drop: Report

The Reserve Bank of India reportedly sold dollars via state-run banks on Tuesday and conducted buy/sell swaps to limit the rupee's losses.

The rupee was last trading at 82.3850, down from 82.32 in the previous session after hitting a record low of 82.6825 on Monday, Reuters reported on Tuesday.

The rupee has traded in a narrow range of about 8 paisa so far in the session. In comparison, the Korean won is down 1.7% and the offshore Chinese yuan had declined 0.5% to the dollar.

The relative stability in the rupee is thanks to the RBI, the report cited traders as saying.

The RBI was conducting buy/sell swaps, likely to sterilize its intervention in the spot market, the report said, citing a trader at a private sector bank.