Rupee retreats as dollar steadies vs majors

At 9:15 am the partially convertible rupee was at 47.09/10 per dollar,weaker than its previous close of 46.94/95. It rose to 46.89 on Monday,its strongest since Dec. 19.

Dealers said heavy central bank intervention between 46.90-47 during the previous session had stemmed the rupee’s rise. Three traders estimated the central bank had purchased about $400 million to $600 million in Monday’s trading.

One-month offshore non-deliverable forwards were at 47.17/27,weaker than the onshore spot rate.