MUMBAI, June 18 The Reserve Bank of India (RBI)
was spotted selling dollars around 60.53 rupee levels through
state-owned banks to check the rupee's fall, three traders said
At 1052 GMT, the Indian rupee was at 60.4225/4300
per dollar, after falling from session highs of 60.55. The rupee
had ended at 60.03/04 per dollar on Tuesday.
The Indian rupee had been falling on Wednesday as the
worsening crisis in Iraq threatened to push up global oil prices
leading to concerns on inflation and government finances, while
a fall in domestic stocks due to waning risk appetite added to
the rupee's losses.
India imports nearly two-thirds of its oil needs, leaving
its currency especially vulnerable to price swings.
(Reporting by Neha Dasgupta; Editing by Anand Basu)