June 18, 2014 / 11:02 AM / in 4 years

India cbank helps lift rupee off session lows - traders

MUMBAI, June 18 (Reuters) - 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 on Wednesday.

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)

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