MUMBAI: The Reserve Bank of India's refusal to defend the rupee at 60 - a psychologically important level for many - led to panic in the foreign exchange market on Wednesday afternoon. Banks rushed to buy dollars after having shorted the US currency on the bet the RBI would continue selling dollars. "The RBI was there (selling dollars) at 59.90 and there was some intervention in the morning... But no one thought it would let the rupee slip below 60," said a dealer...........
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