Mumbai: The Indian rupee traded below 59 per dollar, rising to as much as 58.93, its highest since 19 June, compared with its Wednesday’s close of 59.13/14.
Traders said foreign banks are seen selling the dollar on the back of the Reserve Bank of India (RBI) measures, which has made the domestic currency much costlier.
Essar Oil Ltd was also spotted selling the greenback, two traders say, though the quantum of sale was not known.
The rupee is seen holding in a 58.80 to 59.20 range in the rest of the session.
Month-end dollar demand from importers particularly oil is expected to keep gains in check, dealers added.
