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State-run Banks May Have Sold Dollars to Stem Rupee Fall: Traders

State-owned banks likely sold dollars on behalf of the Reserve Bank of India to prevent the local currency from weakening further, three forex traders told Reuters on Monday.
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State-run Banks May Have Sold Dollars to Stem Rupee Fall: Traders
Mumbai: State-owned banks likely sold dollars on behalf of the Reserve Bank of India to prevent the local currency from weakening further, three forex traders told Reuters on Monday.

State-owned banks were spotted selling dollars after the local currency plunged to an over two-week low of 66.50 to the dollar earlier in the session.

The rupee fell in line with Asian peers after disappointing China factory data, while risk sentiment took a further hit due to ongoing geopolitical tensions in the Middle East.

© Thomson Reuters 2016



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