The rupee on Tuesday closed five paise cheaper at 47.01/02 against the US currency amid sustained capital inflows in bullish equity market. The dollar recovered smartly after hitting the year''s lowest level against the major currencies of the world, following the signs of recovery in the global economy.
In the last four days, the rupee had gained 96 paise or 2.0 per cent, taking advantage of the weakness in the US dollar. At the Interbank Foreign Exchange (forex) market, the rupee tumbled to a low of 47.24 a dollar as local stocks fell sharply in afternoon trade.
The domestic currency moved in a range of 46.91 and 47.24 during the day after resuming at 47.05/06 a dollar from its last close of 46.96/97 a dollar.
The rupee got the support from the expectations of heavy capital inflows as political stability is expected help the new government to push through speedy economic reforms.
In the last four days, the rupee had gained 96 paise or 2.0 per cent, taking advantage of the weakness in the US dollar. At the Interbank Foreign Exchange (forex) market, the rupee tumbled to a low of 47.24 a dollar as local stocks fell sharply in afternoon trade.
The domestic currency moved in a range of 46.91 and 47.24 during the day after resuming at 47.05/06 a dollar from its last close of 46.96/97 a dollar.
The rupee got the support from the expectations of heavy capital inflows as political stability is expected help the new government to push through speedy economic reforms.
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