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India central bank likely buying dollars via state banks: traders

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The Indian central bank 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.

[MUMBAI] The Indian central bank 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 US$200 million to US$500 million so far in the day.

REUTERS

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