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Rupee stages recovery

CHENNAI: The rupee snapped the three-day losing streak on Friday and made a smart recovery of 25 paise to close at 42.70/71 against the dollar, following a fall in global crude oil prices and possible intervention by the apex bank.

According to dealers, the intervention by the central bank on Thursday to stem the rupee’s fall led to dollar selling, which helped the domestic currency recover.

In fairly active trading at the interbank foreign exchange market, the rupee opened higher at 42.87/88 a dollar against its Thursday close of 42.95/96 and improved further to end the day at 42.70/71. — PTI

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