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Our Bureau

Mumbai, Feb. 12

The rupee dipped against the dollar on Monday as public sector banks kept buying dollars, reportedly on behalf of the central bank. The domestic currency opened at 44.13 and touched an intra-day high of 44.10/11. It then dropped to a low of 44.18/19 and finally ended at 44.1550/1650, against Friday's close at 44.12/13.

Dealers said while there were FII inflows, the central bank intervened to cap gains the home currency made during the day. The fall of 348 points at the BSE also dampened sentiment. "Globally, the euro, yen and the pound have fallen against the dollar while the rupee has remained firm. In the near term, the RBI may not allow the rupee to break 44," said a dealer at a private bank. In forwards, the six month closed at 3.02 per cent (3.21 per cent) and the 12 month ended at 2.89 per cent (3.11 per cent).

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