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The Indian Central Bank may sell dollars to support the rupee.
[The Reserve Bank of India May Sell Dollars to Support the Rupee] Five traders indicated that the Reserve Bank of India may sell dollars on Thursday to support the rupee. The Indian rupee is under pressure due to ongoing capital outflow and is hovering near the ATL. Traders stated that state-owned banks are offering dollars around 88.70, which likely represents the actions of the Reserve Bank of India. A trader from a state-owned bank said, "There is a presence of the Central Bank around the 88.68-88.70 level, but it is very weak, and they are not active."