Sage Investment Club

MUMBAI, Feb 27 (Reuters) – The Reserve Bank of India was likely selling dollars via public sector banks on Monday to prevent the rupee from falling below 83 to the dollar, four traders told Reuters.The rupee was at 82.90 to the dollar, off the day’s high of 82.9475.”It looks like we have the whole market on one side and the RBI on the other,” a spot trader at a private sector bank said.”There is no way to deduce how long can this continue.”Due to the likely dollar sales by the RBI, the rupee was doing well compared with most of its Asian peers. The Korean won and the Malaysian ringgit were down about 1% each and the Thai baht slipped 0.5%.(Reporting by Nimesh Vora; Editing by Sherry Jacob-Phillips)

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