India’s central bank may sell dollars to prevent rupee from falling above 84, traders say By Reuters

MUMBAI (Reuters) – The Reserve Bank of India likely sold U.S. dollars on Thursday to prevent the rupee from weakening above the key psychological level of 84, four traders told Reuters.

The rupee was trading at 83.9675 per US dollar, compared to 83.9650 in the previous session.

The rupee has “not caught any relief” from “helpful cues from Asia” and again needs the RBI’s help, a currency trader at a mid-sized private sector bank said.

Other Asian currencies were higher on Thursday amid growing expectations the Federal Reserve will decide on a big interest rate cut at its meeting later this month.