Date:30/10/2008 URL: http://www.thehindu.com/2008/10/30/stories/2008103056711900.htm

Business

Rupee recovers

MUMBAI: For the second successive trading session, the Indian rupee on Wednesday spurted by 21 paise to close at 49.67/68 against the dollar following dollar selling by some banks amid lack of any major buying by oil refiners.

The rupee also moved erratically in tandem with the stock market where the Indian benchmark Sensex ended up by 36.43 points.

Expectations of fresh capital inflows after overnight strong turnaround in equity markets also weighed on the rupee.

In a fairly volatile trade at the inter-bank foreign exchange market, the rupee opened sharply higher at 49.65/66 against its last close of 49.88/89. But the month-end dollar demand from oil refiners and importers kept the check on the rupee and it fell back to a low of 49.88. However, it recovered later sharply to a high of 49.62 before concluding the day at 49.67/68. — PTI