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Rupee rallies against $
MUMBAI:
The rupee on Tuesday rallied smartly against the U.S. currency, recovering most of the losses incurred in the past two sessions, helped by strong trade and foreign fund inflows with sentiment positive for a fresh strike at new three-month high.
In mostly range-bound trading at the interbank foreign exchange market, the rupee closed at 43.43/44 a dollar, a sharp five paise rise from Monday's close of 43.48/49 following a positive start at 43.47/49.
The rupee had lost seven paise in the earlier two trading days after surging to three-month peak of 43.41/42 last Thursday.
Fresh trade and foreign portfolio investment inflows helped the rupee post a sharp pull-back rally today even as global oil prices rose above $52 a barrel on demand/supply mismatches, dealers said. An overnight dollar fall also aided the rupee recovery, they added.The rupee ended at a then five-year high of 43.40/42 on February 2.
PTI
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