TI:Rupee slides, central bank intervention suspected
MUMBAI: Rupee fell to near a six-month low against the dollar on Monday before recovering slightly thanks to suspected central bank intervention, dealers said.
The unit fell to an intraday low of 53.74 rupees to the dollar -- a level last seen in December -- but then edged back up to 53.30 when the central bank is suspected of intervening, dealers said.
"The rupee is in a challenging environment, the headwinds are too strong. It is unlikely to appreciate in a hurry," said Sonam Udasi, head of research at IDBI Capital.
