MUMBAI: Suspected dollar sales by the Reserve Bank of India helped the rupee recover all intraday losses on Friday but the currency still posted its biggest weekly fall in nine weeks.
The likely intervention triggered a wave of long-dollar position liquidation, traders said.
The rupee ended at 49.40/41 to the dollar after hitting a low of 49.76, a level not seen since January 30, according to Thomson Reuters data. The central bank likely sold dollars around this level, traders said.
