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Meanwhile, Re recovers by 30p to 59.27 against $

Meanwhile, Re recovers by 30p to 59.27 against $
The rupee recovered by 30 paise to settle at 59.27 against the Greenback on the back of late recovery in local equities amid fresh dollar selling by exporters and some banks on hopes of intervention by the central bank at rupee's lower levels.
However, heavy outflow by foreign funds from equities worth Rs 2,094.06 crore on Thursday as per provisional data with stock exchanges and firm dollar overseas restricted the rupee rise to some extent, a forex dealer said.

The rupee commenced lower at 59.74 a dollar from previous close of 59.57 at the Interbank Foreign Exchange (Forex) market and declined further to a low of 59.80. Later, it met with strong resistance and bounced back to a high of 59.13 before concluding at 59.27, showing a rise of 30 paise or 0.50 pct. On Thursday, it had tumbled by 87 paise or 1.48 per cent. The dollar index, consisting of six major global rivals, was up by 0.21 per cent.

 Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said,'After making series of lows, today Rupee tried to recover some of the damage done in last few days. On Thursday after the markets reaction on the outcome of FOMC meet, Indias chief economic advisor stated that the markets over reacted to the situation and the Reserve Bank has many tools to take action whenever situation arises. The trading range for the Spot $/` pair is expected to be within 58.80 to 59.60.
Agencies

Agencies

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