The Indian rupee on Thursday recovered by 42 paise to end at 60.88 against the Greenback on the back of smart rebound in local equities amid weak dollar overseas.
Fresh dollar selling by exporters and sustained capital outflows also aided the rupee rise.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced higher at 61.20 a dollar from previous close of 61.30 but declined to a low of 61.40 on some hesistancy in local equities and initial dollar selling.
On Wednesday,it had tumbled by 53 paise or 0.87 per cent.
Pramit Brahmbhaat, CEO, Alpari Financial Services (India) , said,’Today (Thursday) Rupee appreciated by nearly 0.70 per cent during the day against dollar taking cues from the Indian shares that closed up. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, fell and traded seven-week low which helped Rupee to trade strong against the mighty.’
Fresh dollar selling by exporters and sustained capital outflows also aided the rupee rise.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced higher at 61.20 a dollar from previous close of 61.30 but declined to a low of 61.40 on some hesistancy in local equities and initial dollar selling.
On Wednesday,it had tumbled by 53 paise or 0.87 per cent.
Pramit Brahmbhaat, CEO, Alpari Financial Services (India) , said,’Today (Thursday) Rupee appreciated by nearly 0.70 per cent during the day against dollar taking cues from the Indian shares that closed up. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, fell and traded seven-week low which helped Rupee to trade strong against the mighty.’