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    Default Re tests 54-level; RBI comes to rescue

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    The rupee on Tuesday breached the psychologically crucial 54-level against the US currency but recouped losses to end higher at 53.79 on “huge” dollar selling after RBI intervened in the forex market to prop up the local unit.

    The rupee, which had been falling steadily for the past many days due to fundamental weakness in the economy like higher Current Account Deficit, breached the key 54-level soon after trade resumed today at 54.05.

    It immediately touched its second lowest intra-day at 54.15 but the sentiment improved on suspected RBI intervention as public sector banks were seen selling dollars. The rupee finally settled at 53.79, showing a gain of 17 paise from its overnight close. It had recorded historical intra-trade low of 54.32 on December 15, 2011.

    There was also strong signs capital inflows that helped rupee to sustain its gains during the day. Meanwhile, the benchmark Sensex ended higher by 112.41 points or 0.69 per cent, breaking the five—day losing streak.
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