MUMBAI (Reuters) – The Reserve Bank of India is suspected to be buying dollars in the market via state-run banks to prevent appreciation in the rupee above the 70.50 per dollar level, four traders said on Friday.

By 0425 GMT, the partially convertible rupee was at 70.61 per dollar. Earlier in the session, the rupee touched 70.51, its strongest level since Sept. 30. The currency closed at 70.83 on Thursday.