II:Rupee recovers from 30-month low as stocks rally
The rupee recovered from a 30-month low versus the US dollar, as global equities rallied in hope of a workable and lasting solution to the eurozone debt crisis at a second summit scheduled for Wednesday.
At 12:07 pm (IST), the rupee was at 49.82 per dollar after being as high as 49.8050 and as low as 49.95. It had opened at 49.8875 as against the previous close of 50.0250.
It touched 50.3237 on Oct. 21, the lowest level since April 2009.
EU leaders made some progress towards a strategy to fight the eurozone's sovereign debt crisis on Sunday, nearing agreement on bank recapitalisation and on how to leverage their rescue fund to try to stop bond market contagion.
But final decisions were deferred until a second summit on Wednesday.
