MUMBAI (Reuters) - The Reserve Bank of India likely sold dollars starting at around 68.70 rupee levels to help bring down the rupee to below 68, five traders told Reuters.
The partially convertible rupee recovered to as much as 67.90/91 per dollar, after hitting a record low of 68.75. It was still way below its Tuesday's close of 66.24/25.
Two traders said the intervention was "aggressive", while others said the sharp down move seen was more due to illiquid conditions rather than heavy dollar selling by the central bank.
(Reporting by Swati Bhat and Jongwoo Cheon in SINGAPORE; Editing by Prateek Chatterjee)