The Indian rupee trimmed its early gains against the U.S. dollar in late morning deals on Monday, amid reports of suspected intervention by the Reserve Bank of India to curb the currency’s sharp gains.
The Reserve Bank of India was reportedly buying dollars via state-run banks when the rupee appreciated sharply in early deals. Rally in Indian stocks and the weakening of the dollar due to disappointing jobs data helped the rupee to appreciate above the 60.20 levels.
The rupee was trading at 60.40 against the greenback, off early near 6-week high of 60.18. At last week’s close, the pair was quoted at 60.21.