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Traders said the central bank intervened heavily in the market, selling dollars through large state-owned banks, helping the rupee touch the intra-day high. "However there has been an underlying demand for dollars. Companies were seen covering their positions and buying dollars at lower levels," a treasury professional said. Reserve Bank of India governor Sanjay Malhotra said on Wednesday that the Indian currency was undervalued in terms of the real effective exchange rate and that the central bank would ensure the unit found its correct value. The RBI regularly intervenes in the spot market, using its forex stockpile to support the rupee, which has been among the worst-performing Asian currencies, having lost about 7% so far this year. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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