RBI likely selling dollars to support rupee amid Asian currencies’ slide
MUMBAI, Nov 12 (Reuters) – The RBI (Reserve Bank of India) was likely selling dollars to support the rupee after the local currency hit its all-time low on Tuesday, pressured by a Chinese yuan-led decline in Asian currencies, four traders told Reuters. The rupee weakened to a low of 84.40 per dollar in early trading, eclipsing its previous record low of 84.3925 hit in the previous session. The currency was last flat at 84.3925. State-run banks were spotted offering dollars near 84.40 levels, most likely on behalf of the Reserve Bank of India, said the traders, who declined to be