Rupee at new low, RBI steps in to keep it below 54/$

The rupee hit a new low today as it closed at 53.96 a dollar amidst a central bank intervention aimed at preventing it from touching the 54-a-dollar level. According to dealers, the Reserve Bank of India (RBI) intervened when the rupee touched 53.90 levels and helped it appreciate by 16 paisa. But, undiminished demand for the greenback made the Indian currency touch a new low just three trading days after it posted the previous record low of 53.83 on Wednesday. Intra-day, the rupee had touched 54.30 on December 15, 2011.

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