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.