RBI sees Re under speculative attack

INTERVENTION TO CONTINUE

- ANUP ROY

THE RESERVE BANK of India (RBI) considers recent weakness in the rupee as driven by speculative attacks and is prepared to continue its market intervention until the currency settles at a stronger level, a source familiar with the matter said.

The RBI is selling dollars in both onshore and offshore markets after what it saw as speculative attacks by global fund managers on the rupee, the person said.