3:24 am - Monday July 22, 2024

RBI Likely Buying Dollars Via State Banks: Traders

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The RBI was likely buying dollars via state-run banks starting at around 62.02 levels to prevent a further appreciation in the rupee, four traders said on Tuesday.

The partially convertible rupee was trading at 62.06/07 per dollar by 1345 India time (0815 GMT), after moments earlier hitting as much as 61.0175, its strongest level since Dec. 10.

Traders estimated the central bank likely bought $200 million to $500 million so far in the day.

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