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Suspected RBI interventions stems rupee's fall

Reuters  |  MUMBAI 

By Suvashree ChoudhuryMUMBAI (Reuters) - Suspected currency market intervention by the Reserve Bank of India (RBI) for a second consecutive day stemmed the rupee's fall, three dealers said after seeing heavy dollar selling from the outset of trade on Wednesday.The rupee had weakened to a 16-month closing low of 68.15 per dollar on Tuesday, but after the latest round of suspected central bank support it had bounced back to 67.80, despite the dollar's strength on international markets."It looks like RBI is in a mood today," said a senior dealer at a state-run bank, estimating that within the ...

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First Published: Wed, May 16 2018. 10:32 IST
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