Rupee bounces back by 24 paise at 46.50/51 against dollar

Mumbai, Oct 23 (PTI) The Indian rupee Friday recovered 24
paise at 46.50/51 against the US currency on the back of some
stability in equities amid a weak dollar overseas.

Forex dealers attributed the rupee recovery mainly to
dollar weakness in the international markets due to rise in
equities across the globe.
In active trade at the Interbank Foreign Exchange (Forex)
market, the domestic currency initially touched a high of
46.40 a dollar following a smart gain of over 217 points in
the Indian benchmark Sensex in morning trade.
But selling after mid-session erased major part of its
gain and the 30-share index closed up by a mere 21 points, or
0.13 per cent, despite smart revival in global equities.
The rupee later moved in a range of 46.40 and 46.62 in
line with the stock movements before concluding the day at
46.50/51.
In the last two days, the rupee tumbled by 63 paise or
1.37 per cent as the Sensex plunged by 536.27 points or
3.1 per cent in the last three sessions.
Asian indices ended firm Friday on the back of smart rise
on Wall Street Thursday on better-than-expected quarterly
results. MORE PTI VMP
ANU


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