MUMBAI, Aug 4: After the decline on last Friday, the Indian currency bounced back to Rs 35.73/74 against the dollar at the inter-bank foreign exchange market on Monday. The Reserve Bank of India (RBI) intervened heavily in the forward dollar market on Monday, thus pushing up the forward premiums.``The spot dollar recovered to Rs 35.732/740 compared with Friday's closing level of 35.77 Today's action was in the forward market,'' they said. It may be recalled that the rupee - which was going strong against the dollar several months - had crashed to Rs 35.83 last week.Dealers at Mecklai & Mecklai said that January dollars were quoted at 77/80 paise on Monday evening compared to the opening level of 69 The central bank bought forward dollars worth nearly $ 200 million across wide maturities - January, April and June. RBI purchases of nearly pushed up premiums by almost 10 paise for January dollars, dealers said. Foreign exchange dealers say that last week's volatality was due to SBI buying dollars on behalf of some power companies.
