Brushing aside initial volatility, the rupee made a strong comeback by recovering 18 paise against the US dollar to end at a fresh one-week high of 64.89 on late selling of the greenback by exporters and corporates.
The forex market witnessed a sudden revival in sentiment towards the tail-end session following government’s ₹2.11-lakh crore recapitalisation plan to bolster NPA-hit public sector banks.
Expectation of strong reform push by the government and robust capital inflows against the backdrop of a stellar rally in local equities apparently uplifted the trading mood, a forex dealer commented.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.