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Rupee stages mild recovery

MUMBAI, JULY 30. The rupee staged a relief-rally against the U.S. currency today, supported by strong trade inflows, but ended off early high due to late residual month-end dollar demand from corporates and importers in choppy two-way trading at the interbank foreign exchange market.

Closing at 46.43/45 a dollar, higher from Thursday's 13-month closing low of 46.46/47, the rupee opened steady at 46.45/47 and hit the day's peak of 46.34/35 in early deals, buoyed by robust trade remittances, dealers said.

However, a late round of hectic dollar shortcovering by banks for the usual month-end considerations wiped out a major part of the early gains, they added. — PTI

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