The Hindu Business Line : Rupee recovers against US dollar

MUMBAI: After three days of steep fall, the rupee recovered by 18 paise to 41.58/59 against the greenback on Friday due to some dollar selling by exporters.

Smart recovery in benchmark Sensex after initial weakness also helped the rupee to rise.

In quiet trade at the forex market, the domestic currency opened higher at 41.68/69 from overnight close of 41.76/77 a dollar and improved further to 41.58/59 in late deals.

Forex Rates

Yesterday it hit more than one year low of 41.79 a dollar during trading on the back of heavy dollar buying by oil refiners to meet their import requirements.

Meanwhile, spiraling global crude oil prices to a new peak above $124 a barrel might cap the rupee surge in later part of the day as India imports nearly 70 per cent of its oil requirements. - PTI

Related Stories:
Rupee sheds another 40 paise; crude at $123
Re on downward spiral breaches 41 level
Re plunges on dollar demand from oil cos
More Forex

Next: B'desh unable to ensure gas; Govt likely to tell Tata: report

Business Line | NUS Index |

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