How to configure portable python as an interpreter

I've just started experimenting with the new pycharm community edition. I have a dev environment on a USB stick which includes portable python (http://portablepython.com). I would like to configure the editor to use this. I've installed portable python at:

    F:/ppython27/Python-Portable.exe

When I try to configure this, the IDE does not seem to recognize the Python-Portable.exe and the entry in the Python interpreter window reads:

    Unknown at F:/ppython27/Python-Portable.exe

How can I fix this?

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