The rupee on November 6 pared initial gains and was quoted slightly better against the US currency during early trade amid suspected central bank''s intervention and soaring global crude prices. The Reserve Bank of India (RBI) seemed to be buying dollars at the rupee''s 39.26 level.
In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local currency jumped to 39.26 after resuming firm at 39.28/29 per dollar but later came under pressure and was quoted at 39.3050/3150 per dollar in late morning deals.The state-run banks made dollar purchases probably on behalf of the RBI this morning, when the rupee suddenly appreciated against the dollar on the back of strong equity markets, forex dealers said.The benchmark Sensex rallied sharply by about 281 points during morning trading following a strong surge in Asian indices after yesterday''s setback.Finance minister P Chidambaram''s statement that Indian currency was likely to appreciate further due to strong economic growth also supported the rupee sentiment.
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