Millennium Post

Re resurrects 60p to 57.79 per $


 Bouncing back from its record lows, the rupee on Wednesday gained 60 paise to close at 57.79 against the dollar as rating agency Fitch revised India's credit outlook to stable and government officials soothed market sentiment with assurance of taking steps to curb the currency's fall.
Also, heavy dollar selling by some big corporates and US dollar weakening against the euro overseas also aided the rupee, forex dealers said.
The local unit resumed higher at 58.20 against the dollar from yesterday's all-time closing low of of 58.39 but fell back to the day's low of 58.38 at the Interbank Foreign Exchange (Forex) market.

However, it kept improving from there to the day's high of 57.73 before concluding at 57.79, a rise of 60 paise, or 1.03 per cent.

Agencies

Agencies

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