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LM:RBI sells dollars to lift rupee from intra-day lows
 
Mumbai: The Indian rupee ended stronger on Thursday after the Reserve Bank of India (RBI) intervened in the market.
The central bank sold dollars in the market to bring the rupee from its intra-day low of 60.50 to its closing of 60.29 a dollar, according to currency dealers. State-run banks were seen buying dollars for their clients, the dealers said. The quantum of RBI intervention could not be ascertained.
The local currency had closed at 60.39 a dollar on Wednesday.
Asian currencies were trading firm against the dollar riding on good stock markets in the region even as the greenback weakened against major global currencies.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.636, down 0.21% from the previous close of 79.803.
BSE’s benchmark Sensex rose 1.58% to 22,628.84 points.
The rupee has gained 2.5% this year as foreign institutional investors (FIIs) have bought $5.23 billion of local equities during the period.
The yield on the 10-year benchmark bond ended at 8.854%, compared with its Wednesday’s close of 8.962%. The yield rose the most in three months after the Reserve Bank of India sold Rs.20,000 crore of bonds at a lower yield than the market expectations. This was the largest weekly bond sales ever in India.
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