Mumbai: The rupee rose on Monday to its highest against the dollar in a week, despite a steep sell-off in global risk assets, on the back of dollar sales by corporates and exporters, as well as unwinding of long-dollar positions by banks.
The recovery comes after the rupee had hit a string of record lows against the dollar in the second half of May, with the latest on Thursday when it fell to as low as 56.52.
The rupee has been hit by a mix of global risk aversion at a time when India is facing steep economic and fiscal challenges.
However, some traders now say the currency may have hit a near-term bottom, despite remaining susceptible for more falls should external or domestic conditions worsen....more
03:05 PM, Jun 04, 2012