Rupee recovers; touches 60.99 to the dollar

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Rupee recovers; touches 60.99 to the dollar
After opening firm in morning trades, the rupee continued to gain ground against the dollar in late noon trades. The rupee was last trading at 60 to the dollar, as against a record closing of 61.30 witnessed on Wednesday.

Steady cues across global markets also enabled calm volatility in the forex markets. Dealers say that the RBI would continue to intervene should the rupee continue to witness volatility. The rupee it maybe recalled hit a record low of 61.80 against the dollar earlier this week, but, recovered soon after news that Raghuram Rajan has been appointed the new Governor of RBI.

Dealers are also hoping that the government would announce a new series of measures to tame the rupee, particularly with regards to some kind of sovereign bond and easing of ECB norms. For latest currency rates click

Read more about: dollar, currency
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