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Our Bureau

Mumbai, Jan 23

The rupee slipped against the greenback on Tuesday on reports of central bank intervention in the forex market. The currency opened at 44.20/22 and was on a bullish mode, appreciating to 44.1550/16. Sustained demand for the greenback then drove the rupee to close at 44.23/24, lower than Monday's close at 44.18/19 Dealers said the rupee edged up initially, buoyed by dollar selling by foreign banks.

"There could have been FII inflows," said a dealer at a private bank. However, demand for dollars from public sector banks, possibly on behalf of RBI, caused the rupee to depreciate. "The central bank could have been trying to rein in the appreciating rupee as well as infuse liquidity in the system," said a dealer. In forwards, the 6-month ended at 3.68 per cent (3.89) and the 12-month ended at 3.16 per cent (3.30 per cent).

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