Rupee retreats from highs as RBI steps in

Is expected to hold in a range of 59.50 to 59.90 during the session

The rupee is trading at 59.80/81 versus its close of 59.73/74 as the Reserve Bank of India stepped up dollar purchases while a fall in the domestic sharemarket also hurt.

 

Dealers said the RBI has been spotted buying dollars sporadically via state-run banks to prevent the local unit from gaining sharply.

 

Overseas investors bought Indian shares worth $159.20 million on Thursday, provisional exchange data shows. However, the BSE Sensex is currently trading down 0.6%.

 

The rupee is expected to hold in a range of 59.50 to 59.90 during the rest of the session. 

 

Most other Asian currencies, however, trading stronger compared to the dollar.