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The volatility in the rupee continued even though it recovered from the day’s low of 49.90. According to forex dealers the Reserve Bank of India may have supported the rupee by selling dollars as it moved from 49.60 to 49.10 in a matter of just four to five minutes.
This suspicion about intervention by the RBI may also have come about after the Bank of Korea injected $5 billion to support the Korean won, which has lost 10 per cent, said dealers.
“The rupee’s movement is based purely on risk sentiments. It is tracking crosses like the euro and pound,’’ said a dealer with a public sector bank.
On Thursday the rupee had closed at 49.56.
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