Rupee recovers; to stay range bound1 min read . Updated: 10 Jul 2012, 05:33 PM IST
Rupee recovers; to stay range bound
Mumbai: The Indian rupee pared part of its losses in the previous session by recovering 0.97% on Tuesday, bolstered by dollar sales by some of the nationalised banks and positive investor sentiments.
Traders expect the local currency to stay range bound at 55-56 per dollar in the next week as investors remain optimistic about improvement in the macroeconomic environment in Asia’s third largest economy.
“Rupee should hold around 55 level and should be in the range of 55-56 at least next one week," Naveen Raghuvanshi, associate vice president, foreign exchange division at Development Credit BANK Ltd, said.
India’s benchmark stock index, Sensex on the Bombay Stock Exchange too ended in green. The index gained 1.30% to close at 17618.35 points.