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Mumbai, April 16: THE rupee continued to be under pressure on Monday and slipped to a life-time low of 47.02/04 where it closed. Opening weaker at 46.91/95 from Thursday’s lowest-ever close of 46.87/90, the rupee crossed the 47.00 per dollar mark on sustained heavy dollar demand from all quarters of the market. Nervousness continued in the forex market and participants were seen rushing to cover their short dollar-positions. In early trades, the rupee was dealt at 47.02 per dollar, marginally weaker than its previous low of 46.90 on Thursday.

The rupee recovered on dollar-sales by state-run banks, reportedly at the behest of the Reserve Bank of India (RBI).

The rupee fell nearly one per cent last week with the Bombay Stock Index plunging to over two-year lows after a series of payments problems, insider trading scandals and earnings warnings from technology firms.

Dealers were also surprised when the Securities and Exchange Board of India (Sebi) showed positive foreign funds’ investment in stocks and bonds last week, albeit a meagre net $8.6 million, taking net inflows in 2001 to $1.85 billion.