RBI will continue to defend rupee - dealers

The rupee rose to 53.77/78 versus the dollar from 54.15 intraday high by suspected massive RBI intervention, dealers say.

The RBI will aggressively continue its dollar sales to prevent USD/INR from hitting the record low of 54.30 hit in December, dealers add.

"RBI's action was very clear and concerted. It won't tolerate rupee weakness beyond 54.30 levels, possibly even 54 levels," said Subramanian Sharma, director at Greenback Forex.

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