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Rupee stages smart recovery

MUMBAI DEC. 2. The rupee staged a smart recovery against the U.S. dollar towards the fag-end and not only wiped out early sharp losses, but also managed to close with fresh gains.

The Indian currency, which had plunged to a low of 48.3350/3450 a dollar during the early trade, bounced back on fresh dollar sell-off by corporates and closed at 48.27/28 a dollar higher than the previous close of 48.28/29 a dollar.

The Reserve Bank of India (RBI) fixed the reference rate for the U.S. currency at Rs. 48.32 a dollar and the single European unit euro at Rs. 47.97 a euro.

In cross currency trades, the rupee remained strong against euro and the Japanese yen, but weaker against the British sterling.

PTI

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