MUMBAI (Reuters) - The Reserve Bank of India was spotted selling dollars around 60.49/50 rupee levels through state-owned banks to check the rupee's sharp fall, three traders said on Tuesday.
At 10:48 a.m., the rupee was at 60.3450/3525 per dollar, after falling to as low as 60.55, a level last seen on April 29. The rupee had ended at 60.1550/1650 per dollar on Monday.
The rupee had dropped to near two-month lows in early trades on Tuesday as oil companies rushed to buy the greenback as escalating crisis in Iraq triggered concerns over inflation and current account deficit.
India imports nearly two-thirds of its oil needs, leaving its currency especially vulnerable to price swings.
(Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)
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