Rupee recovers four paise, ends at 48.68/70 vs dollar
In line with the smart recovery in local equity markets from its early low, the Indian rupee also rebounded from its initial weakness and ended up by nearly four paise to 48.68/70 against the greenback.
By PTI |
MUMBAI: In line with the smart recovery in local equity markets from its early low, the Indian rupee also rebounded from its initial weakness and ended up by nearly four paise to 48.68/70 against the greenback.
In active trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed sharply down at 48.83/84 a dollar from the previous close of 48.72/73, and touched a low of 48.88 per dollar.
It recovered sharply in the later part of the day in line with the equity markets and ended at 48.68/70.
Yesterday, it was down by 15 paise against the dollar. Dealers attributed the early fall in the rupee to a firm dollar overseas against its major rivals after the US Senate passed the USD 838 billion economic stimulus plan yesterday to tackle the deepening recession.
However, fears over the effectiveness of the rescue plan weighed on the global equity markets and they displayed weak trends. Asian indices ended gave a mixed performance today while Wall Street yesterday tumbled sharply.
The Indian benchmark Sensex initially fell by nearly 189 points but recovered on expectations of tax sops in the forthcoming interim budget, to be announced on February 16, helping the rupee recovery. It later bounced back to end lower by only 29 points or 0.30 per cent.
In active trade at the Interbank Foreign Exchange (Forex) market, the local currency resumed sharply down at 48.83/84 a dollar from the previous close of 48.72/73, and touched a low of 48.88 per dollar.
It recovered sharply in the later part of the day in line with the equity markets and ended at 48.68/70.
Yesterday, it was down by 15 paise against the dollar. Dealers attributed the early fall in the rupee to a firm dollar overseas against its major rivals after the US Senate passed the USD 838 billion economic stimulus plan yesterday to tackle the deepening recession.
However, fears over the effectiveness of the rescue plan weighed on the global equity markets and they displayed weak trends. Asian indices ended gave a mixed performance today while Wall Street yesterday tumbled sharply.
The Indian benchmark Sensex initially fell by nearly 189 points but recovered on expectations of tax sops in the forthcoming interim budget, to be announced on February 16, helping the rupee recovery. It later bounced back to end lower by only 29 points or 0.30 per cent.
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