INDIAN CENTRAL BANK LIKELY SELLING U.S. DOLLARS TO SUPPORT RUPEE NEAR TRADERS
MUMBAI, Nov 22 (Reuters) -The Indian central was likely selling dollars to support the rupee as the currency was pinned near its all-time low, pressured by the renewed strength in the dollar and sustained portfolio outflows, traders said on Friday.
The rupee INR=IN was at 84.49 against the U.S. dollar as of 09:10 a.m. IST, just shy of its all-time low of 84.4950 hit in early trading.
State-run banks were spotted offering dollars near the 84.49-84.50 levels, most likely on behalf of the Reserve Bank of India, the traders said.
The dollar offers were especially heavy near the psychologically important 84.50 level, signalling that the central bank "is not keen to allow any sudden declines," a trader at a private bank said.
The dollar index was at 107, hovering close to its highest level in over a year, while most other Asian currencies nudged higher.
Reporting by Jaspreet Kalra, Dharamraj Dhutia
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