Date:08/11/2006 URL: http://www.thehindu.com/2006/11/08/stories/2006110802541700.htm

Business

Rupee recovers

MUMBAI: The rupee recovered smartly against the dollar and ended at a seven-month high of 44.7250/7350 on Tuesday due to fresh dollar demand, even though world oil prices showed a mixed trend and stock prices declined towards the fag-end.

In a restricted trade at the interbank foreign exchange market, the Indian currency opened strong at 44.85/87 a dollar from Monday's close of 44.90/91.

It rose further smartly to end at 44.7250/7350, the highest level since April 4 when the rupee had ended at 44.71/72.

World oil prices remained steady.

The New York's main contract, light sweet crude for December delivery, was unchanged at $60.02 a barrel. — PTI