Rupee slips below 73 against dollar in intraday trade, corrects back

This is because of absence of RBI in the spot market: Experts

The rupee slipped below 73 in intraday trade on Tuesday but scaled back to close at 73.05 a dollar following cues from the stock market, which rose strongly for the second day.
 
The rupee had closed at 73.22 a dollar on Monday and dipped to 72.96 in the intraday trade. Currency dealers say the Reserve Bank of India (RBI) was not seen intervening in the market through a clutch of nationalised banks.
 
The rupee’s strength was in line with other Asian currencies, which gained as the dollar weakened overnight on the expectation of a prolonged low-rate environment.