The Reserve Bank of India (RBI) was suspected to be selling dollars in the forex market on Thursday at around Rs 49.15 to arrest steep losses in the local unit after global risk aversion prompted investors to move into safer assets like debt. The RBI was likely to have started selling dollars from 49.15 per dollar, helping drive the partially convertible rupee back below the 49 mark, 11 dealers said. At 3:10 pm, the rupee was at 48.98/99 per dollar, after hitting 49.18, its weakest since 2 September, 2009, when it was down 1.7 percent on the day.
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