CB sold $160 m to defend rupee since devaluation

A Reuters report yesterday quoting unnamed dealers said that Central Bank had sold at least $ 160 million since the 2012 Budget directed devaluation to defend the currency.

“Two currency dealers Reuters spoke to said the central bank had sold at least $160 million since the devaluation to defend the currency at the new level amid depreciation pressure. On Monday, the bank pumped in around $35 million, dealers said,” the Reuters reported. The rupee yesterday closed flat at 113.89/90 rupees a dollar for the fourth straight session, dealers said.