Mumbai: According to the market traders, the rupee edged higher on yesterday but its rise was blocked up by RBI that intervened heavily to keep it off 9-1/2-year peaks.
The partially convertible rupee ended at 39.305/310 per dollar, strengthening from Friday's finish of 39.36/37. Last week, it had hit 39.27 -- its strongest level since March 1998.
A senior dealer with a foreign bank said, “The central bank absorbed everything that came its way today without them we would be at 39.20.”
The dealer computes that the RBI has purchased around $80 million to check the rupee’s increase.
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