RBI likely selling dollars to support rupee, traders say

The Reserve Bank of India was likely selling dollars on Tuesday to support the rupee, which was hit by weak global risk appetite and dollar bids due to maturity of positions in the non-deliverable forwards (NDF) market, five traders told Reuters.

The rupee was at 87.2850 against the U.S. dollar as of 11:30 a.m. IST, up slightly on the day. It fell to 87.3850 earlier in the session.