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Our Bureau

Mumbai, Feb. 22

The rupee fell against the greenback on Thursday on sustained buying of dollars by public sector banks. The currency opened at 44.19/20 and touched an intra-day low of 44.2850. It closed the day at 44.25, against Wednesday's close at 44.1850/1950. Dealers said nationalised banks were buying dollars on behalf of the central bank, which pulled the rupee down.

There were strong FII inflows in the market, which were lapped up by the public sector banks, said market participants. "The RBI now intervenes at a higher level to depreciate an already weak rupee. It is not clear whether the central bank's intervention is in anticipation of large inflows or for boosting exports," said a dealer at a private bank. In forwards, the 6-month closed at 3.09 per cent (3.03) and the 12-month at 2.93 per cent (2.93).

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