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 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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture