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Rupee recovers by 10 paise against dollar

PTI     October 30, 2012
Despite disappointment over the RBI's Q2 monetary policy and weakness in local equities, the Indian rupee on Tuesday not only recovered its initial losses but closed higher by 10 paise at 53.98 against the Greenback.

Fresh dollar selling by exporters amid some late weakness in dollar overseas also helped the rupee to rebound from the day's low.

At the Interbank Foreign Exchange (Forex) market, the local currency resumed slightly weak at 54.10 a dollar from previous close of 54.08 and touched a fresh 5-month low of 54.1950 on early month-end dollar demand from importers.

However, displeasure with the apex banks monetary policy and some recovery in dollar index in the later part of the day aided the rupee to touch a high of 53.8550 before concluding at 53.98, showing a rise of 10 paise.

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