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Smart recovery in rupee
MUMBAI:
The rupee recovered major ground on Tuesday against the U.S. currency on fresh exporter sales amid a retreating dollar overseas with sentiments somewhat positive due to a strong equity market rally even as the Reserve Bank of India kept key interest rates unchanged in its monetary policy.
In a fairly active trading at the interbank foreign exchange market, the rupee ended at 45.07/08 a dollar, a sharp nine paise rebound from Monday's finish of 45.16/17 after testing the day's high of 45.05/06 a dollar. It opened firm at 45.12/13 a dollar.
Cooling global oil prices at around $60.11 a barrel and a sharp bounceback at the local stock market also helped market sentiments, they added.
The RBI fixed the reference rate for the U.S. currency at Rs 45.12 and the single european unit at Rs 53.91. The Rupee tumbled by ten paise yesterday and slipped to 11-1/2 month lows of 45.23/24 adollar on October 13
PTI
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