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Rupee recovers after a weak start
Published on Wed, Oct 11, 2006 at 12:42, Updated on Wed, Oct 11, 2006 at 12:48 in Money » Tax section
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Mumbai: Rupee showed signs of recovery after resuming marginally weak against the US currency during late morning deals, buoyed by strong equity markets and some dollar supplies.
In lacklustre trade at the interbank foreign exchange (forex) market, the Indian unit resumed weak at Rs 45.82/84 per dollar from overnight close of Rs 45.80/81 per dollar.
However, later it turned higher and was quoted at Rs 45.79/80 a dollar in late morning dealings.
Attributing the rupee's weak start to firm dollar overseas, forex dealers said a sharp rally on bourses helped rupee recover early losses.
The indices were quoted up by more than one per cent in morning trading on Wednesday.
Meanwhile, the dollar continued to surge on Tuesday, hitting a high of the year against the Yen amid declining worries of an economic slowdown in the US.
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