The intervention of the Reserve Bank of India (RBI) has saved the rupee from breaching the psychologically critical mark of 80 to a dollar in the spot market. The trader said that the central bank of India is supposed to sell more than $ 1 billion in the spot market today to support the rupee.

• NTPC Green Energy Adds 50 MW Solar Power in Rajasthan
• Coffee Day Enterprises Settles Rs 25 Cr Loan With Kemfin
• GST Collections Rise 14.7% to Rs 2.04 Lakh Crore in September
• GPT Infraprojects Bags Rs 385 Cr South Africa Rail Order
• Cabinet Backs Rs 1.86 Lakh Cr Plan for Green Power Grid

On Friday, Rupee opened at 79.93 against the dollar intraday low of 79.96 before recovering to close at 79.88

“Eighty is a psychological level. It will not be easy to break this level easily. Oil prices are stabilizing, and structurally India is becoming better off than a couple of days ago. There could have been supplying from the RBI side to smoothen volatility,” said Bhaskar Panda, senior vice-president, treasury advisory group, HDFC Bank Ltd.