Currency sinks to 90.42, trims fall after RBI steps in

THE RUPEE HIT another fresh record low at 90.42 during the intra-day on Thursday.

- CHRISTINA TITUS

However, it retraced to 89.98 at the closing due to likely intervention from the Reserve Bank of India (RBI).

On Wednesday, the domestic currency breached 90 for the first time amid ongoing pressure due to the delayed trade deal.

“The rupee opened lower and again tested a new record low. However, mild intervention from the RBI was observed at several levels, particularly around 90.40 and 90.18 levels, supporting the rupee,” Kunal Sodhani, head of treasury, Shinhan Bank.