The Reserve Bank of India logo is pictured outside its head office in Mumbai
The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai, on 25 January 2011.REUTERS

The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.47, which was the rupee's strongest level in 11 months, three traders said.

The rupee was trading at 58.52/53 per dollar by 9.29 a.m., off its session high of 58.47, its highest since June 18. The currency closed at 58.79/80 on Friday.

The rupee had gained at open on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country's elections.

A trader with a brokerage expects the rupee to be in a 58.50 to 58.70 range during the session.