TI:Rupee hits 3-month high on dollar inflows; shares aid
MUMBAI: The rupee hit a near three-month high on Wednesday, clawing back all early losses, supported by robust dollar inflows, local share gains and a recovery in the euro.
The rupee closed at 49.2650/2750 per dollar, rebounding from the day's low of 49.66, gaining 0.4 percent from Tuesday's close of 49.44/45. It touched 49.2350, a level last seen Nov. 8.
"Rupee was supported by dollar inflows and the bounce back of the euro also aided the rupee in recovering the initial losses," said Hari Chandramgathan, a forex dealer with Federal Bank in Mumbai, who expects the currency to strengthen to 49.20 this week. The euro pulled back from the day's low following data that showed Germany's manufacturing sector grew in January for the first time in four months.
