RBI buying dollars to halt rupee gains: Traders

May 19 2014, 09:46 IST
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Rupee gained at open on expectations of continued robust foreign buying in domestic shares and debt after BJP sweep in elections. Rupee gained at open on expectations of continued robust foreign buying in domestic shares and debt after BJP sweep in elections.
SummaryThe Indian rupee is trading around 58.47, its strongest level in 11 months.

The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.47, which was the rupee's strongest level in 11 months, three traders said.

The rupee trading at 58.52/53 per dollar by 0359 GMT, off its session high of 58.47, its highest since June 18. The currency closed at 58.79/80 on Friday.

The rupee had gained at open on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country's elections.

A trader with a brokerage expects the USD/INR pair to be in a 58.50 to 58.70 range during the session.

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