Rupee recovers smartly against dollar

Rupee recovers smartly against dollar


Mumbai: The rupee recovered smartly against the greenback on 20 December, quoting 6 paisa up in the morning following fresh dollar sales by exporters and a firm equity market.

In fairly active trade at the Interbank Foreign Exchange (forex) market, the local currency resumed strong at 39.54/55 a dollar from the last close of 39.59/60 and later improved further to 39.5300/5350 a dollar in late morning deals.

Forex dealers said continued dollar sales by exporters and encouraging trend in equity markets aided the rupee sentiment.

The rupee, however, is expected to come under pressure later in the day due to consistent withdrawals by Foreign Institutional Investors (FIIs) to meet their redemption pressure at the end of financial year.

Meanwhile, dollar strengthened against the euro to nearly two-month high and jumped against the British pound to almost three-month high in overseas markets yesterday.