India rupee opens weaker on rising trade tensions with US, avoids record low on likely RBI support
The currency managed to avert a drop past the record low of 87.95 to the dollar, likely due to intervention by the central bank, traders said.
The rupee opened at 87.85, compared to 87.6550 on Monday. At one point, the non-deliverable forward market had indicated that the rupee would weaken past 88 at open.
"It was looking like a straight break of 88 at open, RBI came in and capped the move," a senior FX trader at a private bank said.
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