Rupee recovers by
2 paise
After an initial weakness, the Indian rupee
recovered smartly by about 2 paise to Rs 36.22-23 from Rs 36.245-255 on subdued dollar selling pressure in a relatively quiet
interbank foreign exchange market on Wednesday.
The rupee opened weak at Rs 36.25-26 and hovered at the same levels
till the mid-session following good corporate dollar demand coupled
with the State Bank of India who was reported to be buying
the US currency actively.
Later in the afternoon session, the rupee recovered from the lost
ground to settle higher at Rs 36.22-23 compared to its previous
closing levels of 36.245-255.
According to forex dealers, the rupee, which had initially come under
pressure due to good dollar purchases by the SBI and corporates,
firmed up to settle higher following subdued dollar selling
pressure during the later part of the day.
Meanwhile, the forwards were reported more or less steady over the
previous close in spite of the SBI buying. The cash to spot dollar
was quoted at 0-0.5 paisa premium for Wednesday.
On the other hand,the overseas market witnessed a range bound
trading with the dollar which came under pressure witnessing a
bullish phase towards the close against various other European
currencies, a dealer said.
UNI
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