Rupee recovers from lows
The Rupee recovered smartly from early lows but was still weak against the US currency in late morning deals on Friday in line with global developments.
By PTI |
MUMBAI: The Rupee recovered smartly from early lows but was still weak against the US currency in late morning deals on Friday in line with global developments.
In quiet trade at the Interbank Foreign Exchange (Forex) market, the Indian unit opened sharply lower at Rs 46.49/51 a dollar following a firm dollar overseas against its rivals, amid a reported terror threat that disrupted traffic at Heathrow Airport in London on Thursday.
The Rupee, however, staged a partial recovery and was quoted at Rs 46.4450/4550 per dollar in late morning dealings following heavy exporters dollar sales and unwinding of dollar positions by foreign banks. It ended at Rs 46.41/42 a dollar on Thursday.
Activity was not much but the Rupee opened very weak due to dollar's upsurge overseas, a forex dealer said.
The rupee, however, recouped its losses on fresh exporter sales leading to unwinding of dollar positions by banks, commented a banker.
The rupee also derived support from fairly good FII inflows into the equity market and buoyant trend in stocks in morning trading on Friday.
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