Rupee Pierces 48 Mark, Closes At 47.85/90

The rupee pierced the 48 mark against the dollar to touch an intra-day low of 48.42 before closing at yet another low of 47.85/90 on indirect intervention by the Reserve Bank of India (RBI). The state-run banks, led by State Bank of India and Canara Bank, are said to have sold around $150 million to stem the relentless fall of the Indian currency which has lost more than 52 paise