RBI intervenes to stop rupee's fall to 88 against dollar

The rupee has emerged as the worst-performing Asian currency year-to-date against a stronger dollar

- Gopika Gopakumar

The rupee recovered from its all-time low on Monday after the Reserve Bank of India (RBI) likely intervened by selling dollars in the wake of US president Donald Trump's announcement of fresh tariff plans.

The rupee weakened to 87.99 against the dollar before closing lower at 87.4750.

According to traders, the rupee was supported by the central bank's strong intervention since the start of trade.

The RBI is likely to have sold at 87.95, bringing the rupee down to 87.64.