Rupee rebounds 30 paise vs dollar- Business News

Rupee rebounds 30 paise vs dollar

 PTI   New Delhi     Last Updated: February 22, 2013  | 19:35 IST

Shrugging off initial weakness, Indian rupee on Friday ended on a strong note jumping 30 paise at 54.17 amid fresh dollar sales by exporters and capital inflows.

A flattish closing in broader equity benchmarks, which barely closed in the negative terrain, and a better dollar in overseas markets did not have any major impact on rupee, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced weak at 54.52 a dollar from overnight close of 54.47 and immediately touched a low of 54.54.

However, the rupee recovered on dollar selling and rallied further to a high of 54.15 before settling at 54.17, a rise of 30 paise of 0.55 per cent.

On Thursday, it had fallen by 40 paise or 0.74 per cent.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said," Rupee ended the session on a strong note due to sharp rally in risk currencies against dollar coupled with rumoured FII inflows."

Forex dealers attributed the late rally in rupee to fresh dollar selling by exporters and some banks also.

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