At the interbank foreign exchange, the domestic unit opened weak at 82.60 and then tumbled to the lowest level of 82.69 against the greenback. It later traded at 82.68, registering a fall of 12 paise over its previous close.
The move higher on the rupee following RBI s steps, prompted investors with long dollar positions to exit, lifting the local currency to a three-week high of 82.3625 on Thursday
Federal Reserve Chair Jerome Powell will speak at Jackson Hole on Friday around U.S. trading hours. His comments will be watched for any cues on whether more rate hikes are needed and what he makes of the recent move in U.S. Treasury yields.
In a move to reduce pressure on the local unit, India s central bank has also asked some banks to stop taking fresh arbitrage positions in the non-deliverable forwards (NDF) market, sources told Reuters.