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Indian rupee gains most in two weeks; debt auction inflows help
20/02/2013 09:22:03 PM GMT 

* Trade minister says govt unlikely to meet $350 bln export target

* Dealers cite inflows related to debt auction limits for foreigners

By Subhadip Sircar

MUMBAI, Feb 20 (Reuters) - The Indian rupee gained its most in two weeks on Wednesday, largely aided by inflows related to a debt auction, with volumes remaining low as most state-run banks were thinly staffed due to a strike.

Dealers said the gain was due to foreign funds buying rupees to participate in a debt-limit sale for foreigners, which they need to subscribe to for buying local debt.

India will auction about $12.3 billion of limits, including $10 billion of new government and corporate bond limits on Friday.

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Source: Reuters
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