RBI sells off dollars as rupee hits record low on U.S. rate hike fears

The dollar is increasing day by day against the value of the rupee from last few weeks

Seeing this Reserve bank of India made a decision of selling dollars and sold Dollars through banks run by states

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Reserve bank of India sold dollars on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S

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The rupee was last trading at 82.2675,which was down from 81.88 in the previous session, but off the session low which is 82.33

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Through this move, RBI wants to declare its presence, letting traders know once again that it will not allow one-sided moves

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The dollar has shown insane growth in the last few years compared to the rupee.

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Four bankers and a Brokerage firm was involved to inform Reuters about RBI's intervention

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