Ashit Parekh, Head-Forex of Indusind Bank said he sees the rupee trading at Rs 41.20 per dollar in 2-3 days.

Excerpts from CNBC-TV18's exclusive interview with Ashit Parekh:

Q: What are we going to see sooner, the 41 mark or 42?

A: We are right in the middle of Rs 41.60-41.65 per dollar. We saw a very strong reversal this morning from Rs 41.79 per dollar down to Rs 41.35 per dollar. 

We should consolidate in a phase of Rs 41.35 per dollar to Rs 41.65-41.70 per dollar for the next two-three days. Then, it is possible that it might again turnaround to Rs 41.20 per dollar.

Q: How did the pullback happen today? Has there been some intervention by the Central Bank because it looked like it was headed to 42 yesterday and suddenly there was a 20 paise pullback?

A: We saw Rs 41.79 per dollar trade and the market was looking for it to open higher today with the momentum from yesterday. But they were expecting the Central Bank to come in at around Rs 42 per dollar, but it never happened.

We have heard some sizeable sell orders at around Rs 41.75-41.80 per dollar from foreign banks, which really pushed it down. Then, intra-day these talks took over and then it just collapsed down to Rs 40.35 per dollar in a matter of a minute.