RBI sells dollars to calm nerves: Dealers

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, July 8, 2013, 10:20 [IST]

Forex dealers believe that the RBI sold dollars to calm volatility across the markets, even as the Rupee fell more then 1 per cent in trade today.

The rupee today hit a new historic low of 61.21 against the dollar. Dealers said that the RBI sold some dollars which helped the rupee to regain a level of 61.06 after the steep fall.

The RBI Governor has said that the central bank has not targeted any level for the rupee and in the past he has made it clear that the RBI's intention was to prevent volatility more then anything else.

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