Date:08/07/2006 URL: http://www.thehindu.com/2006/07/08/stories/2006070807791500.htm

Business

Rupee recovers

MUMBAI: The rupee pulled back a sharp rally on Friday, recovering nine paise to close at 46.06/07 a dollar, helped by strong trade and foreign institutional investment inflows on the back of a retreating dollar overseas in moderately active two-way trading at the interbank foreign exchange market.

Absorbing dollar demand from oil corporates, the rupee made a smart turnaround after good dollar supplies from trade and FII inflows hit the market in afternoon trade, leading banks to unwind long dollar positions ahead of the weekend, dealers said. — PTI