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Business News/ Opinion / Online-views/  Rupee recovers smartly against dollar
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Rupee recovers smartly against dollar

Rupee recovers smartly against dollar

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PTI

Mumbai: Slow-down in dollar buying by oil refiners helped the rupee to recover smartly by 17 paise to 41.58/59 against the US currency in late morning deals on 16 May.

In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened remarkably higher at 41.59/61 a dollar from yesterday’s close of 42.75/76 and remained hardly changed at 42.58/59 in late morning deals.

There was hardly any buying by oil refiners as global crude oil prices remained high near $124 a barrel but low from its Thursday’s record high of $126.98 a barrel.

Exporters also took opportunity by selling dollars to book profits at higher levels.

All eyes are now set on the inflation figure to be released at noon today.

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Published: 16 May 2008, 12:58 PM IST
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