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Rupee recovers

MUMBAI: The rupee recovered sharply by nearly eight paise on Wednesday against the U.S. currency to close at 44.1250/1350 following weak dollar overseas amid hike in CRR which would lead to less foreign funds inflows. In active trade at the interbank foreign exchange market, the Indian unit opened slightly better at 44.19/20 a dollar from Tuesday's close of 44.2050/2100 a dollar.

After touching a high of 44.10, dollar buying by some banks on behalf of oil refinery companies put some pressure on the rupee, still closing higher .

PTI

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