Apr 12, 2012 08:38 AM IST | Source: PTI

Rupee gains 5 paise on dollar selling by banks

The rupee today recovered from three-month lows to close marginally higher by 5 paise at 51.42/43 against the US currency on fresh dollar selling by banks despite weak equity markets.

Rupee gains 5 paise on dollar selling by banks

The rupee today recovered from three-month lows to close marginally higher by 5 paise at 51.42/43 against the US currency on fresh dollar selling by banks despite weak equity markets.

The rupee resumed lower at 51.51/52 per dollar at the Interbank Foreign Exchange ( Forex) market against the last close of 51.47/48. It dropped further to a three-month low of 51.70 on renewed dollar demand from importers amidst weakness in local equity markets.

But, later it recovered to 51.38 per dollar before settling at 51.42/43 per dollar, showing a gain of five paise.

Fresh selling of dollars by banks and exporters in view of weak dollar in overseas markets mainly boosted the rupee's value against the dollar, a dealer said.

In London, the yen rose to a six-week high against the dollar today as concerns grew about worsening debt problems in a number of euro zone economies that may threaten global growth, boosting demand for the safe-haven currency.

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