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Rupee recovers

MUMBAI: The rupee strengthened by 34 paise at 40.79/80 against the U.S currency on Monday, largely due to anticipated capital inflows through the IPO route.

The Indian currency had closed at 41.13/14 a dollar on Friday. After a sharp correction in the last four trading sessions, the local currency bounced back with the opening day of the real estate major DLF Ltd.'s $2.4 billion initial public offering. In volatile trade at the interbank foreign exchange market, the rupee moved widely in a range of 40.7850 and 41.0600 after resuming strong at 40.96/98 a dollar. — PTI

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