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RBI likely sold dollars around 55.50/$ levels: dealers

RBI likely sold dollars around 55.50/$ levels: dealers

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The RBI likely sold dollars via state-run lenders as the rupee slid to a more than two-month low below 55.50, four traders said on Friday.

"They seem to have been there in small amounts starting 55.50," the head of forex and debt trading at a private bank said, referring to the Reserve Bank of India.

Two other state-run bank dealers and one foreign bank dealer also confirmed spotting large selling by state-run banks starting at 55.50.

At 1:03 p.m., the partially convertible rupee was at 55.34/35 to the dollar, after hitting 55.53, its weakest since September 11.

Copyright @ Thomson Reuters 2012

Story first published on: November 23, 2012 13:24 (IST)

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