Rupee recovers after hitting over 10-month low

The rupee on Friday fell to over 10-month low of 62.50 against the greenback but bounced back to end at 62.29 on selling of dollars by state-run banks on behalf of the RBI.

The rise on Friday helped the rupee snap four days of decline where it cumulatively lost 56 paise or 0.91 per cent.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 62.45 a dollar from previous close of 62.33. It touched a low of 62.5050 on sluggish equities and month-end dollar demand from oil firms.

However, a sudden gust of dollar selling by exporters and some banks helped the rupee bounce back to a high of 62.26 before settling at 62.29 — a rise of four paise or 0.06 per cent.