India RBI steps in before rate decision with rupee teetering near all-time low, traders say

MUMBAI, Oct 1 (Reuters) – The Indian central bank intervened in currency markets on Wednesday before its key policy decision, with traders weighing a rate cut later in the day. The rupee opened slightly higher at 88.7750 per dollar, with bankers saying the central bank sold dollars through state-run banks near 88.80, the currency’s all-time low hit on Tuesday. The non-deliverable forward market had signaled an open at 88.84-88.86, and RBI intervention lifted the rupee at the start of trading, they said. (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)

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