Rupee recovers from 1-1/2 month low

The rupee retreated from one-and-a-half month lows hit early in the session to close stronger on Tuesday boosted by corporate dollar sales and mild recovery in the stock markets.

The outlook for the rupee remains uncertain, as the currency continues to reel from the disappointment after the Reserve Bank of India kept interest rates on hold on October 30, signalling that any monetary easing would not come until the January-March quarter. That stance was confirmed by central bank governor D Subbarao on Monday, saying a rate cut at its next policy review in December was "highly improbable”.

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