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The rupee on Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country’s narrowing trade deficit in November as also smart gains in domestic equities.
According to commerce ministry data, India’s trade deficit came down to $ 15.1 billion in November from $ 17.13 billion in October this year. At the Interbank Foreign Exchange, the rupee opened higher at 71.84 a dollar and soon gathered momentum to touch a high of 71.51. The domestic unit, however, pared some gains and settled the day up by 34 paise at 71.56 a dollar.
On Friday, the rupee had dropped by 22 paise to close at 71.90 against the US dollar.
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