NEW DELHI (Reuters – India’s central banks likely sold $700 millions dollars to stabilize the rupee, three traders said. The sale was part of broad based selling on Asian currency markets.

As much as 0.5%, the rupee dropped to 77.63 dollars. It was also its second lowest level in less than a fortnight.

The Reserve Bank of India (RBI), intervened on the spot as well as the futures markets, when the rupee was at 77.55-77.60. The traders told Reuters, but they did not wish to be identified.

Reuters reported Wednesday that RBI intervened during the week in the markets. An official from the bank said they would again do so if volatility remains, but not at any one level.

According to an official, it did not enjoy “jerky” movement of 0.50 Indian Rupees per dollar over one day.

According to traders, RBI had sold between $2 billion and $3 billion in dollars to protect the rupee since last week.

RBI did not respond immediately to our request for comments.

RBI holds foreign currency reserves worth $597.7 million, which the RBI considers to be a powerful stockpile for defending the rupees.

One trader stated that the RBI was showing interest in lowering rupee volatility.

Following the RBI’s intervention, some losses were reversed and the rupee traded at 77.46 to the dollar.

Traders said that the currency was under pressure because of rising inflation concerns.

India’s retail inflation reached a high of 6.95% in March, which was a new record for that month. Data on April is due later in the morning.