Final answer:
The phrase 'Estoy leyendo' most literally translates to 'I am reading' in Spanish.
Step-by-step explanation:
The phrase that most literally translates to 'I am reading' in Spanish is Estoy leyendo. In Spanish, the verb 'to read' is 'leer', and 'estoy' is the present tense form of the verb 'estar', which means 'to be'. By combining 'estoy' and 'leyendo', we get the literal translation of 'I am reading'.
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