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Mumbai, Dec. 2

The rupee touched a record low of 50.60 against the dollar during intra-day trade on Tuesday, but recovered to close higher due to intervention by the central bank. The rupee opened lower at 50.50/52 and closed at 50.12/13, about 16 paise higher from the previous close of 50.28. During the day, it fell to a record low of 50.60. The Reserve Bank of India was seen selling dollars at around 50.53/54 levels, said forex dealers. Some corporates also sold dollars, which helped t he rupee gain, said a forex dealer with a private bank. Banks, which were holding onto dollars, sold. “Market participants have realised that there is no point in going long at these levels, as it is almost impossible to predict the future movement of the rupee,” said the dealer. In the forward premia market, the six-month closed at 2.69 per cent and the one-year was unchanged at 1.86 per cent.

— Our Bureau

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