RBI Will Continue To Intervene To Curtail Rupee's "Jerky Movements": Sources

The RBI will step in to stem the rupee's losses in the open market, albeit the intervention will be to keep the currency range-bound.

The Reserve Bank of India has intervened in the open market to stem the rupee's losses in recent times and is likely to continue to do so, albeit the intervention will be to keep the currency range-bound.

Regarding currency depreciation worries for India, sources told NDTV that the RBI would participate in the market "to smoothen the impact" and "curtail jerky movements in the rupee."

While the rupee has gained to 77.25 per dollar from new all-time lows beyond 77.50 hit on Monday, it is still above the previous weak record levels of around 77 in March.

Traders said the RBI may have intervened - through state-run banks' selling dollars in the open market - after the rupee plunged to 77.44 on Monday.