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Mumbai, Sept 27

The forex market saw a choppy dollar-rupee movement on Thursday as the central bank intervened to protect the dollar. The rupee opened stronger at 39.65/68 and touched a high of 39.62. At this level, intervention by the central bank pushed the rupee down to 39.90. The rupee then hovered around 39.75-39.87 for most of the afternoon, as public sector banks bought dollars, said forex dealers.

Despite efforts by the central bank to keep the rupee from appreciating, it ended trade at 39.70, almost unchanged from Wednesday’s close of 39.70/71, as FII inflows continued to be strong. “It the RBI had bought dollars when the dollar-rupee was at 40.50, it would not have hurt exporters so much. But now that the rupee has breached 40 levels, exporters have been hurt and the RBI has to mop up much more dollars,” said a forex dealer with a private bank. In forwards, the six-month closed at 1.11 per cent (1.14 per cent) and the 12-month at 1.22 per cent (1.27 per cent).

— Our Bureau

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