Sold Dollars to Stem Rupee Slip

Gold Silver Reports ~ India’s state-owned banks likely sold dollars on behalf of the Reserve Bank of India to prevent the local currency from weakening further, three FX traders told Reuters on Monday.

State-owned banks were spotted selling dollars after the local currency plunged to an over two-week low of 66.50 to the dollar earlier in the session.

The rupee fell in line with Asian peers after disappointing China factory data, while risk sentiment took a further hit due to ongoing geopolitical tensions in the Middle East. ~ Neal Bhai Reports