Rupee recovers 30 paise

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In line with the rally in local stocks, the rupee gained 30 paise against the dollar and settled at 51.95/96 on fresh dollar selling by exporters. Forex dealers said weak dollar overseas also aided the rupee but signs of sustained capital outflows capped the rupee's rise to some extent. At the interbank foreign exchange market, the rupee moved in a range of 52.14 and 51.86 before settling at 51.95/96 against 52.26 last Friday. The rupee sentiment was also boosted by fresh dollar selling by exporters on the possibility of further fall in dollar value in overseas market after reports of European and IMF measures to tackle the debt crisis. Foreign investors have sold shares nearly worth $1.2 billion since November 15.

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