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Rupee rebounds

MUMBAI: The rupee rebounded sharply to close 18 paise higher at 40.78/79 against the US currency on Wednesday due to heavy dollar selling. In volatile trade at the interbank foreign exchange market, the Indian unit opened on a strong footing at 40.83/85 a dollar from 40.96/97 a dollar on Tuesday. Later, it moved side-ways in a range of 40.75 and 40.90 on alternate bouts of buying and selling before ending at 40.78/79 a dollar.

The rupee resumed higher on dollar selling at initial stages but it dropped to 40.90 a dollar on dollar — PTI

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