Re rebounds 49 paise vs $ to end at 61.93

Re rebounds 49 paise vs $  to end at 61.93

The rupee on Friday bounced back by 49 paise to a three-week closing high of 61.93 against the US dollar, tracking a smart rise in stocks after wholesale inflation fell to an eight-month low.

Fresh dollar selling by exporters and a weak American currency in the overseas markets also aided the rupee rise.

At the Interbank Foreign Exchange market, the rupee commenced strong at 62.25 a dollar from the previous close of 62.42. It, however, fell back to a low of 62.3650 on weakness in local stocks around noon and dollar demand from importers.

A smart rebound in share markets on late buying and renewed dollar selling by exporters helped the rupee to rise to a high of 61.92, before settling at 61.93 — a rise of 49 paise or 0.79 per cent.

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