RBI intervenes to support rupee, may have sold around $500

The Reserve Bank of India sold around USD 500 million to support the rupee currency when it fell to around 68.80 per dollar on Thursday morning, traders said. Two interventions by the central bank in the morning sparked a sharp rebound in the currency from near record lows hit earlier in the day. The rupee was trading at 68.74/75 per dollar by mid-morning, up from a session low of 68.8375, its weakest since a record low of 68.85 hit in August 2013.

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