The RBI likely sold dollars via state-run banks starting at around 54.27 rupee levels, pushing up the local unit as it approached its record low against the dollar, four dealers said.
The suspected intervention pulled back the rupee from a new five-month low of 54.27 to the dollar hit earlier in the session.
The rupee was last trading at 54.16 to the dollar versus its 53.79 close.
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