The RBI is estimated to have sold $400-$500 million worth in spot, though possibly some of that was also in forward markets, dealers say.
The USD/INR rebounds to 53.88/89 to the dollar, after being pulled down to as low as 53.50 from its intraday high of 54.15.
Also read: Rupee opens above 54 to the dollar, pulls back
Dealers cautious on expectations say the RBI could step in again as it looks to defend the USD/INR at 54.
Indonesia's central bank also spotted selling dollars as investors shun risk positions on intensifying fears over Greece.
Copyright Thomson Reuters 2012
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