RBI likely buying dollars to temper rupee's gains

Tags: dollar, RBI, Rupee, News
The Reserve Bank of India (RBI) was spotted buying dollars via state-run banks starting around 58.55, which was the rupee's strongest intraday level, three traders said.

The rupee was at 58.57/58 per dollar by 0422 GMT, off its session high of 58.5450. The currency closed at 58.7750/7850 on Wednesday.

The rupee had gained at open on expectations of continued robust foreign buying in domestic shares and debt after minutes of the U.S. Federal Reserve's last meeting backed bets of a slower withdrawal of the stimulus.

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