The RBI sold dollars in early trade via state-run banks on Tuesday, sharply strengthening the rupee as it approached its life-time lows, four traders said.
"It seems like a massive intervention," a chief dealer with a state-run bank said.
The rupee was last trading at 53.73/74 after falling as low as 54.15 soon after the open of trade, near its record low of 54.30 to the dollar in mid-December.
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