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Rupee bounces back after weak start

Rupee bounces back after weak start
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First Published: Fri, Mar 23 2007. 07 01 PM IST
Updated: Fri, Mar 23 2007. 07 01 PM IST
PTI
Mumbai: The rupee again bounced on 23 March after a weak start and ended at Rs43.57/58 a dollar, up 16 paise from previous close of 43.73/74 on renewed dollar selling, buoyed by increased capital inflow.
The domestic unit’s sudden rebound against the US currency was also attributed to the absence of any dollar purchases on behalf of the central bank, which was expected to intervene to arrest the rupee’s surge.
In active trade at the interbank foreign exchange market, the rupee resumed weak at 43.780/795 a dollar from overnight close of 43.73/74, but later turned volatile and moved in a wide range of 43.79-43.52 during the day.
The Indian unit also appreciated due to lack of month-end dollar demand from oil companies.
Exporters’ dollar sales and fairly heavy FII inflows into equity markets helped the rupee bounce again as the anticipated dollar buying by banks did not emerge, a forex dealer said.
On 22 March, the rupee had fallen sharply after hitting a 19-month high on Wednesday, as the cash crunch in the banking system eased remarkably leading to dollar covering by banks.
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First Published: Fri, Mar 23 2007. 07 01 PM IST
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