Rupee posts two-month gain on dollar

The rupee recovered to post its biggest single-session rise in two months,aided by dollar inflows towards some foreign banks and strong stock markets amidst doubts about the sustainability of the rally

Written by ENS Economic Bureau | Mumbai | Published: March 28, 2012 1:11:08 am

The rupee recovered to post its biggest single-session rise in two months,aided by dollar inflows towards some foreign banks and strong stock markets amidst doubts about the sustainability of the rally.

The rupee gained a hefty 58 paise to 50.69/70 against the dollar to end its five-session falling string on fresh selling by exporters and banks.

Suspected intervention by the central bank and hopes of more capital inflows ino equity markets helped the rupee to bounce back,a dealer said. The rupee opened higher at 51.15/16 a dollar against last close of 51.27/28 on weakness in the dollar in the early stages.

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