State banks buy dollars at Rs45.30: Traders

State-run banks were seen buying dollars around Rs45.30 on Monday after the local unit rose 1% to its highest in more than 15 months.

At 1.28pm (0758 GMT), the partially convertible rupee was at 45.3233 per dollar, after hitting 45.2850, its strongest since September 22, 2008 and above its previous close of 45.7576.

"The Reserve Bank of India seems to be there around 45.30; state-run banks are continuously buying, but the buying is not very major. We may break past these levels soon," a dealer with a private bank said.

Three other dealers confirmed that state banks were buying dollars at around 45.30, but were not sure if it was on behalf of the Reserve Bank.

The central bank usually buys or sells dollars via state-run banks to prevent excessive volatility in the exchange rate and releases its intervention data on a monthly basis.