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Rupee stages recovery

MUMBAI: Despite suspected central bank dollar-buying intervention and demand from oil corporates, the rupee staged a pull-back rally and closed higher at 45.0550 a dollar on Friday, propelled by robust foreign institutional inflows and a plunging dollar overseas.

In a choppy two-way trading at the interbank foreign exchange market, the rupee recoverd four paise from Thursday's close of 45.0850/0950 after trading in a broad range of 44.96 and 45.09 in alternate bouts of dollar selling and buying.

It opened distinctly firm at 45.00/02 a dollar. — PTI

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