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Rupee recovers against dollar
MUMBAI,
JAN. 11.
The rupee today bounced back sharply against the U.S. dollar on the interbank foreign exchange market here due to good trade and foreign fund inflows after smart recovery in euro.
The domestic unit opened firm at 43.84/85 a dollar and continued to rise smartly due to increased inflow and closed at 43.80/81 against yesterday's close of 43.92/94.
The rupee had yesterday fallen sharply against the U.S. currency due to heavy dollar demand by foreign funds.
Dealers said the smart recovery in rupee was mainly due to a steep fall in dollar against other major world currencies, especially against the euro as the European currency stood higher at $1.3162/67 against $1.3115/20.
The dollar fell after the U.S. Treasury Secretary, John Snow, suggested that his nation would not strengthen the currency, dealers said and added that exporter dollar sales also helped the rupee to close firm.
— PTI
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