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Mumbai, Oct. 1

The rupee touched a five-year low of 47.23 against the dollar during trade on Wednesday, due to the overall strengthening of the dollar in the overseas markets. However, intervention by the central bank and dollar selling by corporates helped the rupee recover by 36 paise.

The currency opened lower at 47.13/15 and weakened to touch an intra-day low of 47.23/25. It recovered to close at 46.61/62, against the previous close of 46.97/99.

Nationalized banks also sold dollars at the behest of RBI at 47 levels, said a dealer. Some big corporate houses sold dollars as they saw good value at these levels, said forex dealers. In the forward market, the 6-month premium closed marginally higher at 0.65 per cent (0.53) and the 12-month ended at 0.66 per cent (0.64). –

Our Bureau

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