RBI is purchasing dollars through state-run banks

Reserve Bank of India, also known as (RBI) is buying dollars in the market through state-run banks.

Four traders, familiar with the update, said, “It is suspected to see how Reserve Bank of India is buying the dollars from the market through state-run banks to prevent appreciation in the rupee above 70.50 per dollar.”

The U.S. dollar closed at 70.85 today.