MUMBAI : The Indian rupee declined against the U.S. currency on Monday, after climbing to a near two-month high at open on dollar purchases by public sector banks likely for the Reserve Bank of India (RBI), traders said. The rupee last traded at 81.39 to the dollar, down from 81.12 in the previous session
MUMBAI : The Indian rupee declined against the U.S. currency on Monday, after climbing to a near two-month high at open on dollar purchases by public sector banks likely for the Reserve Bank of India , traders said.
"It was the RBI that stepped in to buy dollars and then it was the oil companies,"said Anil Bhansali, head treasury at Finrex Treasury Advisors. The RBI's dollar purchases and the dollar index's tumble have helped the Indian reserves rise to $572 billion, their highest level since early August. That compares to the near $525 billion-level print around mid-October.
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