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Brushing aside initial volatility, the rupee made a strong comeback by recovering 18 paise against the US dollar to end at a fresh one-week high of 64.89 on late selling of the greenback by exporters and corporates.
The forex market witnessed a sudden revival in sentiment towards the tail-end session following government’s ₹2.11-lakh crore recapitalisation plan to bolster NPA-hit public sector banks.
Expectation of strong reform push by the government and robust capital inflows against the backdrop of a stellar rally in local equities apparently uplifted the trading mood, a forex dealer commented.
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