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RBI said to have intervened as Rs. hits 53 vs $

HT Correspondent, Hindustan Times  Mumbai, May 02, 2012
First Published: 12:26 IST(2/5/2012) | Last Updated: 22:24 IST(2/5/2012)

The Indian rupee dipped below 53 to the dollar to touch a near 4-month low on Wednesday on sustained dollar demand by oil importers but recovered later in the day after reported intervention by the Reserve Bank of India (RBI).

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After opening the day at 52.7 against the dollar, the rupee fell to a low of 53.0 to the dollar, a level last seen on January 5, before it pulled back to 52.9. 

The RBI, which intervenes only to prevent sharp volatility, has a policy of not commenting on currency movements or confirming interventions in the foreign exchange market.


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