Indian central bank likely selling dollars to limit rupee's fall, traders say
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The Indian central bank is reportedly selling dollars to stabilize the rupee, which fell to 94.9650 per dollar amid rising oil prices and economic concerns. The rupee recovered slightly to 94.9050, down 0.4%. Prime Minister Modi's call for fuel conservation has heightened market caution due to the Middle East conflict. Additionally, India's Nifty 50 index dropped 1%, and the yield on the 10-year benchmark note rose to 7.02%.
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