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Jun 25, 2012, 03.32 PM IST
The Reserve Bank of India likely sold dollars via state-run banks starting at around Rs 56.90 to prevent a further slide in rupee after measures announced to boost the economy disappointed.
India took a handful of measures to help prop up the embattled rupee on Monday, including increasing the limit on foreign investment in government bonds by USD 5 billion to USD 20 billion. Also read: RBI dose for rupee; ECB limit, FII holding in G-Secs hiked At 3:10 p.m., the partially convertible rupee was at 56.80/84 per dollar, after hitting a session low of 56.97 soon after the announcement. The rupee was still stronger than its close of 57.12/13 on Friday, a day when the currency had dropped to a record low of 57.32.
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