RBI intervention pulls rupee back to 63.54

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 RBI intervention pulls rupee back to 63.54
The rupee gained in trade afternoon on possibility that the RBI may have sold dollars at the 64 levels to push the rupee higher.

The currency had dropped to as much as 64.13 on persistent dollar demand after closing at Rs 62.13 on Monday.

Dealers say the RBI may have to keep intervening in the forex market as dollar strength is prevalent in a host of other Asian currencies.

According to news reports the Ringit touched a 3-year low, while the Indonesia rupiah slid to a 4-year low.

Fears that the Federal Reserve may withdraw its stimulus has pushed stock prices lower across markets, and pushed the currencies of countries whose current account deficits are high.Check currency rates here

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Read more about: dollar
Story first published: Tuesday, August 20, 2013, 12:50 [IST]
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