India central bank likely buying dollars via state banks: traders
[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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Hong Kong growth beats forecast as recovery gains traction
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Thailand to increase daily minimum wage to 400 baht in Oct
UK set for weak growth and highest inflation in G7, OECD says
German manufacturing downturn eases in April, PMI survey shows
India RBI's FX intervention eases as conditions turn favourable for rupee