The Indian central bank is possibly selling dollars via public sector banks, with the rupee just shy of a record low, six traders told Reuters. The rupee was at 83.2025 to the U.S. dollar, down from 83.09 at open and within a whisker of the lifetime low of 83.29.
“Hearing of public sector bank names on the offer (on USD/INR), which you would have to think is for the RBI (Reserve Bank of India),” a trader at a private sector bank said. Two large public sector banks were major dollar sellers, according to traders.