A state bank crept into the foreign exchange markets on Tuesday morning to shore the rupee up, to prevent it from touching the psychological 100.00 rupee barrier against the US dollar.
The rupee fell to 99.25 against the US dollar in early Tuesday trade, after closing at 98.95 against the greenback on Monday.rn
rnThe Central Bank was believed to have played key role in persuading the state bank to step in and the intervention brought the dollar down to Rs. 98.90, dealers said. rn
rnDealers said the greenback would keep rising in the run up to the April 2 polls, unless the Central Bank intervenes in the market. rn
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