RBI buying dollars to halt rupee gains: Traders

Tags: RBI, News
The Reserve Bank of India was spotted buying dollars via state-run banks starting around

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58.47, which was the rupee's strongest level in 11 months, three traders said.

The rupee was trading at 58.52/53 per dollar by 9.29 a.m., 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 rupee to be in a 58.50 to 58.70 range during the session.

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