Indian rupee pulled off lows by suspected RBI intervention

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Rupee recovers from the day's lows after state-run banks likely sold dollars on behalf of the RBI. Rupee recovers from the day's lows after state-run banks likely sold dollars on behalf of the RBI.
SummaryRupee recovers to 62.47/48 after hitting an intra-day low of 62.73 on a S&P report.

The Indian rupee recovered from the day's lows on Thursday after state-run banks likely sold dollars on behalf of the central bank, five dealers said.

The partially convertible rupee recovered to 62.47/48 after hitting an intra-day low of 62.73 on a Standard & Poor's report about a possible rating downgrade next year if the new government failed to push economic growth.

It had closed at 62.39/40 on Wednesday.

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