RBI intervenes to claw rupee back from fresh intraday low vs dollar

Central bank may have sold around $1 billion in Fx market on Thursday

After weakening to a fresh intraday low against the US dollar on Thursday, the rupee recovered smartly to end the day 0.3 per cent stronger versus the greenback after the Reserve Bank of India (RBI) intervened to support the local currency, dealers said.

The rupee closed at 82.76 per dollar on Thursday as against 83.02 per dollar on Wednesday. In the course of trade, the domestic currency weakened to a fresh intraday low of 83.29 per US dollar. Wednesday’s level of 83.02 per dollar was both the previous record closing low as well as intraday low for the rupee.

With the domestic