ET:Rupee kept off record lows by RBI intervention fears
The rupee continues to be kept off record lows by the prospect of central bank intervention after state-run banks were spotted selling dollars on its behalf earlier in the day. The pair at 61.07/08, off 61.17 intraday high, 60.47/48 last close.
The pair still remains close to record high of 61.21 hit on July 8. US dollar demand from foreign banks and month-end oil demand also pushing up the pair.
The rupee bears bolstered by RBI comments that cash tightening steps may be temporary.
RBI Governor Subbarao due to take questions from analysts at 2:30 pm, while Finance Minister Chidambaram expected to speak to the media at 3 pm.
