Rupee rises to intra-day high, then slips on dollar demand

What happened: The rupee rose to an intra-day high, then slipped on dollar demand. Traders said the central bank intervened heavily, selling dollars through large state-owned banks. Key numbers: The rupee has lost about 7% so far this year. Why it matters: RBI governor Sanjay Malhotra said the currency was undervalued on the real effective exchange rate and the central bank would ensure it found its correct value. The rupee has been among the worst-performing Asian currencies.

The rupee rose to an intra-day high, then slipped on dollar demand. Traders said the central bank intervened heavily, selling dollars through large state-owned banks.

RBI governor Sanjay Malhotra said the currency was undervalued on the real effective exchange rate and the central bank would ensure it found its correct value. The rupee has been among the worst-performing Asian currencies.