Rupee recovers by 17 paise against dollar

Rupee recovers by 17 paise against dollar
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First Published: Fri, May 09 2008. 12 42 PM IST
Updated: Fri, May 09 2008. 12 42 PM IST
PTI
Mumbai: After three days of steep fall, the Indian rupee recovered marginally by 17 paise to 41.59/60 against the greenback in late morning deals on 9 May due to some dollar selling by exporters.
Smart recovery in the Sensex after initial weakness also helped the rise.
In quite trade at the Interbank Foreign Exchange (Forex) market, the domestic currency opened higher at 41.68/69 from overnight close of 41.76/77 a dollar and improved further to 41.59/60 in late morning deals.
The rupee had hit more than one year low of 41.79 a dollar during trading on 8 May the back of heavy dollar buying by oil refiners to meet their import requirements.
Meanwhile, spiraling global crude oil prices to a new peak above $124 a barrel might cap the rupee surge in later part of the day as India imports nearly 70% of its oil requirements.
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First Published: Fri, May 09 2008. 12 42 PM IST
More Topics: Rupee | Dollar | Foreign Exchange | Crude Oil | Sensex |