first_imgForex: The rupee recovered against the American currencyForex: The rupee recovered against the American currency by 49 paise to end the week at 66.76 per dollar on fresh selling of dollars by banks and exporters on the back of good foreign capital inflows into equity market.The rupee opened higher at 66.95 per dollar as against the last weekends level of 67.25 per dollar at the Interbank Foreign Exchange market and firmed up to 4-week high at 66.55 per dollar during the week.It hovered in a range of 66.55 per dollar and 67.0550 during the week before ending the week at 66.76 per dollar, still showing a gain of 49 paise or 0.73 per cent.The rupee had last traded at 66.5350 per dollar May 12, 2016 during the intra-day trade.It had dropped by 22 paise or 0.31 per cent in the last week.Heavy capital inflows mainly boosted the rupee value against the dollar, a forex dealer said. Hopes of more funds from foreign funds into equity market also got tonic to rupee.RBIs decision to remain accommodative propelled market to an over 7-month high as the Sensex wrested back control of the crucial 27,000-mark on Tuesday.In the second bi-monthly monetary policy meeting of this fiscal, RBI kept the repo rate unchanged at 6.50 per cent and the cash reserve requirement at 4 per cent.Overseas, the US dollar slumped against its major rivals and was under pressure by dismal US payroll data last week, prompting investors to rule out the chance of a hike in the US interest rates this month. (MORE) PTI RSU ARR RD PAK ABIadvertisementlast_img read more

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