Rupee recovers

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MUMBAI: The rupee on Thursday recovered smartly to close at 40.35/36 against the dollar on the back of sustained capital inflows and weak dollar overseas. In volatile trading at the interbank foreign exchange market, the Indian unit opened barely steady at 40.41/42. Later it fluctuated in a range of 40.3150 and 40.4550 on alternate bouts of buying and selling. Finally, it settled the day at 40.35/36, a rise of five paise over the previous close of 40.40/41. The rupee got support from sustained capital inflows.

Foreign institutional investors nearly pumped in $4.7 billion from June 29 to July 17, taking the total above $8 billion, almost same as last year’s inflow.

Lack of intervention by the central bank also aided the rupee’s surge. — PTI



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