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Rupee recovers 10 paise to 42.8650/8725 a dollar
May, 31st 2008

The rupee bounced by about 10 paise to 42.8650/8725 against the US currency in morning trade on Wednesday as oil companies slowed down dollar purchases in the light of easing global crude prices.

Global crude oil prices were trading around 129 dollars a barrel in Asian trade today.

Normally, oil refiners buy dollars at the month-end for their import payments and were heavy buyers in the US currency yesterday.

Dealers said oil companies are expected to wait for further fall in oil prices, which fell from its record high of 135 dollars touched last week.

At the Interbank Foreign Exchange (forex) market, the local currency resumed stronger at 42.87/88 a dollar from its last close of 42.96/97 a dollar and later was quoted at 42.8650/8725 a dollar in late morning deals.

The rupee hit a high of 42.82 in the absence of any dollar demand from oil companies at early stages of the session, they added.

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