Rupee bounces back from record low; up 17 paise against dollar | business | Hindustan Times
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Rupee bounces back from record low; up 17 paise against dollar

Paring all losses of the previous trading session, the rupee today recovered by 17 paise to 54.86 against the US dollar on the Interbank Foreign Exchange market in early trade, following measures taken by RBI to curb the local currency's fall.

business Updated: May 22, 2012 10:58 IST

Paring all losses of the previous trading session, the rupee on Tuesday recovered by 17 paise to 54.86 against the US dollar on the Interbank Foreign Exchange market in early trade, following measures taken by RBI to curb the local currency's fall.

Dealers said besides restrictions imposed by the Reserve Bank to stabilise the domestic unit, a higher opening in the stock market and other Asian currencies gaining against the dollar, also supported the rupee's value.

As the rupee plunged to all-time low of 55.03 against the American currency on Monday, the RBI imposed restrictions of $100 million on "position limit" for forward contracts by banks.

Meanwhile, the 30-share BSE Sensex recovered by 151.98 points, or 0.94%, to 16,335.24 in early trade on Tuesday.