RBI Steps In to Check Rupee Gains: Report

The Reserve Bank of India was spotted buying dollars via state-run banks starting around 59.16, two traders said.

The rupee was at 59.2050/2100 per dollar by 12:30 p.m., off its session high of 59.12. The currency closed at 59.1525/1625 on Monday.

The rupee had briefly trimmed its losses after the RBI left its key policy rate on hold on Tuesday, and eased rules to spur bank lending in a move set to be welcomed by the new pro-business government as it seeks to revive economic growth.

Copyright: Thomson Reuters 2014