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Our Bureau

Mumbai, Feb. 20

The rupee slipped by around four paise against the dollar on Tuesday as public sector banks were buying dollars on behalf of the Reserve Bank of India. The rupee opened at 44.14/15 and closed the day at 44.1850 against Monday's close at 44.13/14. "What is surprising is that the RBI intervened today when the rupee was weak and at a higher level of 44.14/15. In the past few days, public sector banks were buying dollars on behalf of the central bank only when the home currency appreciated to 44.05," said a dealer at a private bank.

Market participants say the RBI could have intervened to weaken the rupee, as they might be expecting large inflows in the market. Traders also said there could have been higher demand for dollars as Monday was a partial holiday in some parts of the country. In forwards, the 6-month closed at 3.28 per cent (3.36 per cent) and the 12-month at 3.09 per cent (3.11 per cent).

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Rupee slips around 4 paise

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