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Rupee recovers

MUMBAI: The Indian currency recovered smartly to end at 40.4200/4250 against the U.S. currency on the back of a strong surge in equity markets and consistent weakness in dollar overseas. A day after heavy intervention by the Reserve Bank of India, the local currency bounced back in the absence of any dollar demand. In active trade at the inter-bank foreign exchange market, the Indian unit resumed better at 40.47/48 a dollar against Thursday’s close of Rs. 40.50/51 a dollar and later moved in a range of 40.4150 and 40.4950 during the day. — PTI

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