| Date: |
31-08-2013 |
| Subject: |
Rupee up 89p on RBI action, RIL’s dollar sale |
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MUMBAI: After weakening about 80 paise in early trades, the Indian rupee staged a recovery against the dollar on Friday to close at 65.71, up 89 paise from Thursday's close of 66.60. The rupee was supported by Reliance Industries' sale of $400 million through banks that turned the tide, leading to a smart recovery in afternoon trade.
"RIL started selling dollars in the morning when the rupee was at 67.2 and by the end of sale, the rupee had already appreciated by 50 paise to 66.7," said a dealer operating in forex market of a PSU bank.
RIL's sale was followed by Reserve Bank of India's intervention in the foreign exchange market, which helped the local currency to close below the 66 level. "Month-end dollar demand from importers kept the Indian rupee under pressure but a massive dollar sale by RBI and some corporate relieved the situation for the falling rupee," said the dealer. Syndicate Bank was RIL's lead banker for the transaction.
Source : timesofindia.indiatimes.com
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