Rupee off record lows as exporters, state banks sell USD

The rupee is trading at 61.68/69 versus its previous close of 61.43/44, but well above the record low of 62.03 reached earlier in the session as exporters step in to sell the greenback.

Some traders speculating the Reserve Bank of India  may have stepped up the defence of the local unit by selling the dollar via state-run banks but that was not a universal view.

Dealers expect the rupee to close weaker on the day unless the RBI steps up dollar sales aggressively and see it remaining weak in the near term as the recent measures are seen as inadequate to bring in foreign fund inflows which are key to the rupee's recovery.