MC:Rupee rebounds from 28-mth low, RBI action suspected
The rupee gained on Friday, recovering sharply from a more-than-28-month low, aided by a firm euro and suspected intervention by the central bank, traders said.
The RBI is likely to have sold dollars from around 49.60 per dollar, traders said, taking the rupee to the day's high of 49.10, at which point it recovered 1.6% from the day's low.
At 12:52 p.m. (0722 GMT), the partially convertible rupee was at 49.28 per dollar, after touching 49.90 earlier -- its weakest since May 14, 2009. The rupee had slumped 2.5% on Thursday to 49.57/58, its biggest single day loss in nearly 3 years.
