Mumbai: The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.99-59.00, three traders said, continuing its heavy intervention to curb strength in the rupee.
The rupee was at 59.0400/0500 per dollar by 9:49 a.m., off its session high of 58.98. The currency closed at 59.17/18 on Friday.
The rupee had opened stronger tracking gains in local share markets, which hit record highs for a second straight session on continued hopes of wide-ranging reforms by the new government.
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