Rupee Recovers By 19 Paise To End At 49.82/83 Vs Dollar

The rupee today broke its two-day losing string and recovered by 19 paise to settle at 49.82/83 against the US currency following smart rebound in local stocks and fresh dollar selling by exporters.

However, firm dollar overseas amid capital outflows restricted the rupee rise, dealers said.

At the Interbank Foreign Exchange (Forex) market, the local currency opened strong at 49.85/86 a dollar from last Friday’s close of 50.01/02.

It later moved in a range of 49.60 and 50.01 before concluding at 49.82/83, showing a rise of 0.37 per cent.

In straight last two sessions, the rupee had dipped by a whopping 86 paise or 1.75 per cent. It had dropped to a 2-1/2-year low of 50.32 on last Friday.

From: http://ping.fm/irLj7