India’s central bank would likely intervene to prevent the rupee from falling to a record low, traders told Reuters

MUMBAI (Reuters) – India’s central bank sold the dollar at 83.97 on Wednesday to prevent the rupee from falling to a lifetime low, three traders told Reuters.

The rupee was at 83.9650 against the US dollar, avoiding a drop beyond the lifetime low of 83.9725 touched in the first week of August.

“I am constantly seeing bids (on dollar/rupee) at 83.97 (on the interbank order matching system) from brokers as well,” said a currency trader at a bank.

“RBI still doesn’t want to see 84.”