Indian state-run banks have been selling dollars at 49.80 rupees, to prevent the rupee from falling sharply, four traders said on Wednesday.
At 2:16 p.m. (0846 GMT), the partially convertible rupee was at 49.75/76 per dollar, off a low of 49.8150, but still weaker than 49.66/67 at close on Tuesday.
Two dealers said there was pressure on the currency due to heavy dollar demand from banks looking to arbitrage between the onshore and offshore markets.
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