State-run banks sell dollars aggressively, likely for RBI: Report

 

India's public sector banks sold dollars heavily on Friday, likely for the central bank, to provide relief to the rupee, four traders told Reuters.

The rupee was at 83.0850 to the US dollar, near the day's high, and up from 83.2450 in the previous session.

A very large state-run bank was on the offer on USD/INR, a spot trader said.

"It was a big drop (on USD/INR) and I doubt it was inflow related. Based on the past, it must be the Reserve Bank of India," he said.