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RBI Likely Intervened to Curb Rupee Fall, Say Traders

State-owned banks were likely selling dollars on behalf of the Reserve Bank of India (RBI) to cap losses for the local currency, three FX traders told Reuters.
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RBI Likely Intervened to Curb Rupee Fall, Say Traders
Mumbai: State-owned banks were likely selling dollars on behalf of the Reserve Bank of India (RBI) to cap losses for the local currency, three FX traders told Reuters.

The Indian rupee had fallen to an over two-week low of 66.6625 to the dollar earlier in the session, tracking weak local shares and dollar demand from oil importers.

At 0945 GMT (3:15 p.m. in India), the rupee was little changed at 66.60/61 compared with the previous close of 66.61/66.62.

© Thomson Reuters 2016



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