MUMBAI -- The Indian rupee rose to a 10-week high against the U.S. dollar Monday due to a suspected intervention from the central bank, six dealers said.
The dollar was quoting 50.08 rupees at 1057 GMT, after trading as low as 50.05 rupees -- a level last seen Nov. 14.
"There has been steady dollar selling by the RBI [Reserve Bank of India] from around 50.20 rupees, and the dollar could break below 50.00 rupees today," said a chief dealer at a state-run bank who declined to be named.
Three dealers from other state-run banks and one dealer each from a private bank and a foreign bank also agreed about the likely intervention by the central bank.
The RBI doesn't acknowledge whether it has intervened in the currency market. According to recent data from the central bank, its dollar sales rose to a 32-month high in November.
