The Indian rupee recovered all of its early losses and even snapped two-day of losing string, appreciating by seven paise to close at 60.40 against the USD following late recovery in local stocks amid fag-end dollar selling by exporters.
Forex dealers attributed the recovery in the rupee value mainly to smart rebound in domestic stocks on the back some positive statements given by the Finance Minister to further liberalise the FDI policy.
The rupee commenced sharply lower at 60.91 a dollar from overnight close of 60.47 at the Forex market and touched a low of 61.20 on initial weakness in domestic equities and sustained dollar demand from importers, mainly oil refiners.
Forex dealers attributed the recovery in the rupee value mainly to smart rebound in domestic stocks on the back some positive statements given by the Finance Minister to further liberalise the FDI policy.
The rupee commenced sharply lower at 60.91 a dollar from overnight close of 60.47 at the Forex market and touched a low of 61.20 on initial weakness in domestic equities and sustained dollar demand from importers, mainly oil refiners.