Rupee recovers by 17 paise against US dollar

Fri, May 9 01:35 PM

Mumbai, May 9 (PTI) 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 today due to some dollar selling by exporters.

Smart recovery in benchmark Sensex after initial weakness also helped the rupee to 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. Yesterday it hit more than one year low of 41.

79 a dollar during trading on 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 dollar a barrel might cap the rupee surge in later part of the day as India imports nearly 70 per cent of its oil requirements.

PTI.

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