The intervention of the Reserve Bank of India (RBI) has saved the rupee from breaching the psychologically critical mark of 80 to a dollar in the spot market. The trader said that the central bank of India is supposed to sell more than $ 1 billion in the spot market today to support the rupee.
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On Friday, Rupee opened at 79.93 against the dollar intraday low of 79.96 before recovering to close at 79.88
“Eighty is a psychological level. It will not be easy to break this level easily. Oil prices are stabilizing, and structurally India is becoming better off than a couple of days ago. There could have been supplying from the RBI side to smoothen volatility,” said Bhaskar Panda, senior vice-president, treasury advisory group, HDFC Bank Ltd.
