Date:11/10/2008 URL: http://www.thehindu.com/2008/10/11/stories/2008101161352000.htm

Business

Rupee recovers from early losses

MUMBAI: After plunging to a historic level of 49.30, the Indian currency recovered to 48.45/46 against the dollar at the end of the session on Friday.

In a wild movement at the inter-bank foreign exchange market, the rupee lost further ground against its Wednesday’s close of 47.99/48 and quoted at 49.30 at one stage. However it recovered part of its losses to end the day at 48.45/46, still lower by 46 paise. The rupee fell to historic level on mounting fears of heavy capital outflows after global credit crisis spread to Asia, forex dealers said. Turmoil in bourses and growing fears about a global recession caused worries that there would be heavy capital outflow from equity. — PTI