Russia-Ukraine crisis: Rupee cuts losses after RBI intervention

The rupee weakened 0.95 per cent against the dollar in February

The Reserve Bank of India (RBI) on Monday sold dollars through public sector banks (PSBs) heavily in the currency market, which helped the Indian currency cut back losses it incurred in early trade.

The rupee opened weaker, at 75.72 per dollar, compared to the previous closing of 75.29 that prompted the central bank to intervene during the early trading hours. The Indian currency closed the day at 75.34 a dollar, down 0.06 per cent from its previous close. Sentiments in the equity market, which bounced back after a weak opening, also helped the domestic unit. “Select PSBs sold dollars aggressively on