India cbank steps in to check rupee gains

MUMBAI, June 3 Tue Jun 3, 2014 3:00am EDT

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MUMBAI, June 3 (Reuters) - The Reserve Bank of India was spotted buying dollars via state-run banks starting around 59.16, two traders said.

The rupee was at 59.2050/2100 per dollar by 0700 GMT, off its session high of 59.12. The currency closed at 59.1525/1625 on Monday.

The rupee had briefly trimmed its losses after the RBI left its key policy rate on hold on Tuesday, and eased rules to spur bank lending in a move set to be welcomed by the new pro-business government as it seeks to revive economic growth. (Reporting by Neha Dasgupta; Editing by Anupama Dwivedi)

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