RBI move props up rupee

MUMBAI, SEPT. 24. Exporter dollar sales and unwinding of long positions by banks propelled the rupee to a sharp recovery today after the central bank lowered interest rates for export credit and sentiment improved following the lifting of economic sanctions by the U.S.

In fairly active trading at the inter-bank foreign exchange market, the rupee closed at 47.8850/8950 a dollar, a whopping over ten paise rise from the previous finish of 47.97/99. It opened on a positive note at 47.95/97.

The rupee rebounded smartly today on its own strength without any intervention by the RBI, propped up by all round dollar sales following vastly improved sentiment.

- PTI

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Section  : Business
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