Rupee depreciated to 58.40 in this week

Rupee depreciated to 58.40 in this week
India’s central bank RBI  likely sold U.S. dollars in the foreign exchange market, creating a temporary respite for the decrepit rupee currency after it plumb new all-time lows for the second straight day. The rupee, which on Tuesday fell to almost 59 a dollar, bounce back to close at 58.40 — 26 paise, or 0.44 per cent, weaker than yesterday’s all-time closing low of 58.14 a dollar — after, market participants claim, the Reserve Bank of India (RBI) intervene in the foreign exchange market to sell dollars.