RBI intervention to sell US dollars against INR

<p>Reuters citing unnamed dealers for the information that the Reserve Bank of India likely sold US dollars on Tuesday to prevent further losses in the rupee.</p><ul><li>INR hovered near its lifetime low of
83.42, five traders told Reuters</li><li>"They do not want the pair to rise above 83.38-83.40 levels,
and we may see sales persisting through the day," a foreign
exchange trader at a state-run bank said. </li><li>rupee had hit its lifetime low of 83.42 on November 10</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.