Rupee falls from 11-month high as RBI steps in to buy dollars

MUMBAI (Reuters) - The rupee falls from an 11-month high of 58.3650 hit earlier in the session as the Reserve Bank of India is spotted buying dollars via state-run lenders, according to traders.

The rupee is now trading at 58.5050/5150 versus its close of 58.4675/4775 on Thursday.

However, further losses in the rupee could be capped by strength in local stocks.

The rupee is seen moving in a 58.35 to 58.60 range during the session.

(Reporting by Neha Dasgupta)