×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Rupee recovers by 10 paise against dollar

Rupee recovers by 10 paise against dollar
Comment E-mail Print Share
First Published: Fri, May 23 2008. 02 00 PM IST
Updated: Fri, May 23 2008. 02 00 PM IST
PTI
Mumbai: The rupee recovered by 10 paise on 23 May to quote at 42.85/86 against the greenback due to some stability in equity markets and fall in global crude prices.
In quite trade at the Interbank Foreign Exchange (Forex), the Indian currency resumed at 42.87/88 and recouped modestly to quote at 42.85/86 a dollar in late morning deals from the last close of 42.95/96.
It had touched a near thirrteen-and-a-half month low of 43.20 in intra-day trade teh previous day.
But suspected intervention by the Reserve Bank of India (RBI) capped the rise and helped the rupee recover some lost ground.
Today also dealers turned cautious on expectations of the apex bank’s intervention and preferred to remain sideline at current stage.
Exporters also grabbed the opportunity to book profits at higher levels by selling dollars.
Meanwhile, world crude oil prices dropped sharply near $131 a barrel on 23 May after touching a new peak above $135 the previous day.
The benchmark Sensex was up by nearly 101 points at 10.30am while Asian stock markets displayed a mixed pattern of trading.
Comment E-mail Print Share
First Published: Fri, May 23 2008. 02 00 PM IST