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Rupee falls on expectation of central bank intervention.

Mumbai: India's rupee retreated from a nine- month high on speculation the central bank curbed gains in the currency before exit polls that may show the main opposition party will come to power. "Persistent dollar buying by state-owned banks pressured the rupee," said Amogh Moghe, a Mumbai-based currency trader at Mecklai & Mecklai. The rupee rose as much as 0.9 per cent to 59.5175 per dollar yesterday, the strongest level since July 29, 2013. The currency gave up all its gains to end the day at 60.05 in Mumbai, according to prices from local banks compiled by Bloomberg. The RBI probably bought the greenback to prevent the rupee from appreciating too sharply, said two traders who asked not to be named as the information isn't public.

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Publication:Times of Oman (Muscat, Oman)
Geographic Code:9INDI
Date:May 12, 2014
Words:143
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