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Indian Rupee Off Record Low Against U.S. Dollar

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The Indian rupee erased its early losses against the U.S. dollar in evening deals on Thursday, as the Reserve Bank of India intervened in the forex market to defend the currency.

The Indian rupee touched a historic low in morning deals as the prospects of aggressive tightening of monetary policy underpinned the dollar.

The RBI reported sold dollars to prop up the rupee amid a sell-off in equity markets.

The Indian rupee rose to 77.34 against the greenback, up from a record low of 77.63 seen in the morning session.

*India March Industrial Production Up 1.9% Y/Y, Consensus 1.9%

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