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The Indian rupee on Monday touched yet another low of Rs 36.70, losing sharply by about 12 paise over the previous close amidst volatile trading which witnessed all-round corporate demand.

Continuous intervention by the Reserve Bank of India both in the spot and forward could not arrest the fall of the Indian currency. The RBI fixed the reference rate at Rs 36.67 per US dollar, lower by 11 paise against Rs 36.56 on last Friday.

The Indian currency opened at Rs 36.59/62 per dollar, and gradually declined further throughout the day. It touched the day's low of 36.70 late in the afternoon and finally ended at Rs 36.69/70 per dollar.

The Reserve Bank of India entered the market and made repeated attempts to cool the market by way of selling huge amount of dollars in the spot as well as forwards. In fact, it was the lone dollar seller in the market, said a leading forex dealer.

The central bank sold dollars at the rate of Rs 36.65/66. However, since the rupee declined further, the State Bank of India also made purchases at Rs 36.69/6950, dealers said.

''They wanted the rupee to weaken slowly, and therefore they (including the RBI ) also allowed the rupee beyond Rs 36.65 level,'' said a dealer at the leading nationalised bank.

In the forwards, almost all premiums dropped more than five paise. The spot rupee closed at Rs 36.69/6950 per dollar showing a net loss of about 12 paise over Friday's close of Rs 36.57/59.

Commenting on the trading as well as the RBI's role, a senior dealer in the forex market said, ''The RBI's presence in the market has supported the rupee from further fall, otherwise it would have gone to any level."

Dealers said that there was all-round corporate demand for the US greenback. Lots of activities of import booking, cancellation of export contract and re-booking were reported during the course of trading.

The monthly forward premia in paise were closed at 18-20 for September, 45-47 for October, 67-72 for November, 95-100 for December, 115-120 for January, 134-139 for February, 156-161 for March and 188-193 for April.

The rupee opened at Rs 58.28 per pound and closed at 58.05 against Friday's close of Rs 53.57. The rupee remained more or less steady against the Japanese yen at Rs 30.30 per 100 units.

UNI