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Rupee recovers five paise

MUMBAI: The rupee bounced back after falling to over three-year low and on Tuesday closed at 46.70/71 a dollar against 46.75/76, driven by strong dollar sales by exporters and unwinding of long dollar positions by banks.

In volatile trading at the interbank foreign exchange market, the rupee touched a low of 46.82, its lowest level in more than three years as global crude prices hovered near record highs and dollar remained stubbornly higher in overseas markets.

The rupee recovery was largely attributed to some dollar selling by state-owned banks. — PTI

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