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Rupee bounces back

MUMBAI: The rupee bounced back after a two-day slide and ended at 40.3750/3800 against the greenback on Tuesday, stronger by 17 paise from Monday’s close of 40.5450/5550, driven by a strong rally in equity markets. The quarterly review of monetary policy released by the Reserve Bank of India had a positive impact on forward market, forex dealers said.

In fairly active trade at the interbank foreign exchange market, the local currency resumed firm at 40.45/47 and surged throughout as buoyancy gathered momentum on the equity markets.

The RBI’s decision to remove the cap on its daily money market operations to drain cash from the system is seen as a significant factor in the rupee market, a leading dealer with a private bank commented. — PTI

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