RBI likely sold dollars in fx markets to stabilise rupee post policy: Dealers
Sep 20 2013 , Mumbai
Four dealers said the central bank was spotted selling the greenback from around 62.60 levels.
The partially convertible rupee was trading at 61.96/97 per dollar by 1:08 p.m., sharply below its session low of 62.61 but still weaker than its close of 61.77/78 on Thursday.
Reserve Bank of India Governor Raghuram Rajan raised the central bank's policy repo rate by 25 basis points (bps) to 7.50 percent, defying widespread forecasts that he would leave the rate on hold to bolster a sluggish economy, and as expected struck a hawkish tone.