Rupee plunges on news of Brexit; RBI likely prevent it from falling further
The Reserve Bank of India (RBI) likely sold dollars around 68.20 rupee levels through state-owned banks to prevent the rupee from falling further, three traders said on Friday, adding that appeared to be the level the central bank was keen on defending.
The Indian rupee was trading at 68.1225/68.1300 to the dollar at 9.24 a.m. after tumbling to as low as 68.22 to the dollar, its weakest since March 1.
This is after the polling results point towards Brexit as the count sees more votes for leaving the European Union.
The currency had closed at 67.25/67.26 per dollar on Thursday.
The currency was plunging in line with Asian currencies after a referendum in Britain appeared to be leaning towards leaving the European Union.