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Rupee recovers
MUMBAI: The rupee recovered its initial losses and ended at 40.48/49 against the U.S. currency on Tuesday on the back of a smart rally in equity markets amid late dollar selling by exporters.
In volatile trading at the interbank foreign exchange market, the rupee opened lower at 40.58/60 a dollar from Monday’s close of 40.55/56.
It later dipped further to 40.63 on weakness in Asian stock markets and spiralling global crude oil prices to a new peak.
Oil corporates reportedly made dollar purchases in early trade to meet their import requirements as global crude prices spurted past $81 a barrel in Asian trade on Tuesday.
But smart rally after midsession in equity markets and dollar selling by exporters helped the rupee recover to settle the day higher at 40.48/49 a dollar, up by seven paise over the previous close. — PTI
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