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Forex »
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Rupee recovers by 5 paise
December, 23rd 2009

The Indian rupee today recovered by five paise to close at 46.80/81 against the US dollar on selling of the American unit by exporters and banks amid a recovery in benchmark Sensex.

Weak dollar overseas againt its major rivals also helped the rupee rise.

Forex dealers said, the Indian currency rose in sync with stock market that snapped three session of losses. The Sensex recovered by 90.80 points or 0.55 per cent today from its six-week lows.

Dollar selling by exporters too helped the rupee recover its losses.

In the next few session, analysts believe the rupee might be in a trading range in view of fast approaching Christmas holidays.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed stable at its overnight's level of 46.85/86 a dollar. It moved in a narrow range before concluding the day at 46.80/81.

The dollar hovered to its highest in more than three months against the Euro and more than a month against the Yen, supported by year-end unwinding of short positions in the greenback and a rise in Treasury yields.

Meanwhile, global curde oil prices were trading towards USD 73 a barrel in London today.

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