The rupee staged a strong comeback after touching nearly four-month low and ended stronger at 41.3250/3350 against the dollar on Friday, drawing support from late recovery in equity markets. In volatile trade at the Interbank Foreign Exchange market, the local currency resumed weak at 41.58/60 per dollar and later fell to nearly four-month low of 41.71 as investors cut their exposure to risky assets amid lingering fears of a global credit squeeze. The rupee had closed at 41.36/37 per dollar yesterday.
The rupee, however, bounced back with a vengeance after midsession and hit a high of 41.22 on the back of a recovery in local bourses as well as a firm trend in European markets. The unit also drew support from weakness in the dollar and the yen overseas after European stocks recovered smartly during early trade this afternoon, forex dealers said. The overall tone of global financial markets remained strained after most Asian stocks fell sharply with the Nikkei plunging a hefty 5.4 per cent during the day.
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Saturday, August 18, 2007
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