Rupee posts longest losing streak in nearly six months
The rupee fell to over two-month lows on Friday, marking a fourth straight weekly loss for the currency and its longest losing streak in nearly six months, weighed down by persistent dollar buying by oil companies.
However, the Reserve Bank of India is believed to have sold dollars via state-run banks around 55.50 levels, putting brakes to a steeper fall in the currency.
Although the RBI has been speculated to have acted before, Friday's session marked the first clear signal of dollar sales since mid-October, dealers said.
However, the Reserve Bank of India is believed to have sold dollars via state-run banks around 55.50 levels, putting brakes to a steeper fall in the currency.
Although the RBI has been speculated to have acted before, Friday's session marked the first clear signal of dollar sales since mid-October, dealers said.
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