(MENAFN) The Indian rupee fell yesterday to approach a record low on sustained dollar demand from importers, forcing the central bank to intervene to support the currency, according to traders, reported Reuters.
The Reserve Bank of India was cited selling dollars via state-run banks after the rupee fell to the day's low of 60.59, not far from its life low of 60.76 touched on June 26.
However, the central bank's intervention has not been strong during the current bout of rupee weakness, with Gov. Duvvuri Subbarao's comments on Thursday about the RBI not targeting any particular exchange rate also deepening the uncertainty.
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