Mumbai, October 15: The rupee today breached the 44 level to touch a fresh 25-month high but closed stable at 44.10/11 against the US currency.
At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.22/23 a dollar from its previous close of 44.10/11 and touched the day’s low of 44.25.
Dealers attributed initial fall in the rupee to dollar demand from some banks and importers.
But the rupee later bounced back to a fresh 25-1/2-month high of 43.97 on sustained capital inflows. It, however, concluded at yesterday’s level of 44.10/11.
Keeping a watch on the record USD 22 billion FII investments in the booming Indian stock markets this year, the Reserve Bank today said it will “intervene if the inflows are lumpy and volatile”.
–Agencies