Re recovers 55 paise on RBI intervention

AFTER being nearly absent from the forex market for a while to let the rupee find its own feet, the Reserve Bank on Wednesday stepped in to support the rupee, a day after it breached the 91-mark, propelling the local currency to the biggest single-day gain in seven months, in a move seen intended to punish those betting on a one-way slide in the currency.

- BENN KOCHUVEEDAN @ Mumbai

The rupee rose as much as 1.03% intra-day — soon after opening mildly lower than the historic low record on Tuesday— the most since May 23, to claw back to 90.0963. At close, it gained 0.7% cutting its losses from 6.2% on Tuesday. After opening lower than Tuesday’s close of 91.0565, the RBI intervened in the maket through state-run banks which sold dollars, multiple traders said.