Rupee recovers after falling record low of 61 per $

The RBI likely sold dollars via state-run banks on Monday afternoon to prevent the rupee from slipping below the 61 per dollar mark, four traders told Reuters, after intervening earlier in the morning as well. The partially convertible rupee closed at 60.64 well below its previous close of 60.2250/2350. Earlier in the day, the rupee hit a life low of 61.21. "The central bank likely sold dollars starting at around 60.92 levels. Not too sure about the quantum but in this market you hardly need a large quantum," a senior dealer with a private bank said, suggesting volumes are very thin.