January 23, 2012
Rupee Rises to 10-Week High
MUMBAI (Dow Jones)--The Indian rupee stretched its gains against the U.S. dollar to about 6% in 2012, rising to a 10-week high Monday due to a suspected intervention from the central bank.
The dollar was at INR50.09 late Monday in Asia, after trading as low as INR50.05--a level last seen Nov. 14--and down from INR50.32 late Friday.
The Reserve Bank of India is believed to have started selling dollars from around INR50.20, a chief dealer at a state-run bank, who declined to be named, told Dow Jones Newswires.
Three dealers from other state-run banks and one dealer each from a private-sector lender and a foreign bank also agreed about the likely intervention by the central bank.
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