RBI Likely Buying Dollars Via State Banks: Traders

The RBI was likely buying dollars via state-run banks starting at around 62.02 levels to prevent a further appreciation in the rupee, four traders said on Tuesday.

The partially convertible rupee was trading at 62.06/07 per dollar by 1345 India time (0815 GMT), after moments earlier hitting as much as 61.0175, its strongest level since Dec. 10.

Traders estimated the central bank likely bought $200 million to $500 million so far in the day.