Rupee snaps six-day losing streak, recovers by 23 ps

MUMBAI: Snapping a six-day falling streak, the rupee on Tuesday showed signs of recovery, appreciating by 23 paise to 51.70/71 against the US dollar in the morning trade on some dollar selling by exporters.

In a fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed higher at 51.80/81 a dollar from its last close of 51.93/94 a dollar and later surged to 51.70/71 a dollar in late morning deals.

The rupee had fallen by 4.68 per cent in the last six days on sustained dollar demand from foreign banks, which were believed to be selling greenback in non-deliverable forwards to take benefits of strong dollar in overseas markets.

Dealers said the rupee drew support from dollar selling by exporters as well as the suspected intervention by the central bank in support of the Indian currency.

Meanwhile, the Indian benchmark Sensex eased by 71 points, or 0.83 per cent, in morning trade on Tuesday.