Re slips on RBI moves

Suspected central bank intervention and a large outflow from a state-run power utility thwarted the rupee8217;s rise towards a nine-year peak on Monday, and pushed it slightly lower, dealers said.

But foreign buying of local shares and the dollar8217;s weakness against the euro and a basket of currencies ensured the rupee remained within striking distance of last week8217;s peak of 39.62 per dollar 8212; its strongest since April 1998.

The partially convertible rupee ended at 39.84/ 85 per dollar, easing from Friday8217;s finish of 39.8450/ 8500, after spending most of the day in positive territory.

8220;The RBI presence has been strong today, and they absorbed everything that came in, which was not an insignificant sum,8221; said a dealer with a corporate, referring to the Reserve Bank of India.