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Smart recovery in rupee
MUMBAI,
FEB. 16.
Despite sporadic dollar demand from State-run banks, the rupee today rallied smartly against the U.S. currency due to rising trade and foreign fund inflows amidst a lingering weak dollar overseas with sentiment positive for further gains. In choppy two-way trading at the interbank foreign exchange market, the rupee ended at 43.7450/7600 a dollar against the overnight closing of 43.8100/8250 after hitting an intra-day low of 43.81/82 due to dollar demand from a few public sector banks. The Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 43.82 and for the single European unit at Rs. 57.04.
PTI
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