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Rupee opens strong at 58.21; gains 20 paise

Rupee opens strong at 58.21; gains 20 paise
After hitting a record high of 58.96 against the dollar, the rupee recovered in trade and was last trading at 58.29 to the dollar.

The rupee tumbled almost 5 per cent in May and was threatening to collapse on Tuesday, but, dealers say the RBI sold dollars through PSU banks which helped support the rupee.

In May the rupee fell almost 5 per cent, as a general strength in the Dollar against major currencies, saw the Indian rupee also lose ground.

Large scale selling by foreign funds in the debt market also saw some effect in the forex market, as dealers say there could be some dollar outflow on account of the huge selling pressure.

Meanwhile, Indian stock markets opened marginally lower in line with most other Asian markets.

Read more about: dollar
Story first published: Wednesday, June 12, 2013, 9:10 [IST]
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