November 23, 2012 / 7:44 AM / in 5 years

RBI likely sold dollars around 55.50 rupees - dealers

MUMBAI (Reuters) - The RBI likely sold dollars via state-run lenders as the rupee slid to a more than two-month low below 55.50, four traders said on Friday.

A woman counts her U.S. dollar bills at a money changer in Jakarta June 13, 2012. REUTERS/Beawiharta/Files

“They seem to have been there in small amounts starting 55.50,” the head of forex and debt trading at a private bank said, referring to the Reserve Bank of India.

Two other state-run bank dealers and one foreign bank dealer also confirmed spotting large selling by state-run banks starting at 55.50.

At 1:03 p.m. (0733 GMT), the partially convertible rupee was at 55.34/35 to the dollar, after hitting 55.53, its weakest since September 11. (Reporting by Swati Bhat; Editing by Rafael Nam)

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