Rupee makes strong comeback closing 32 paise up

Mumbai, May 17: The rupee made strong comeback today closing 32 paise stronger at 45.19/20 per US dollar as compared to the last close of 45.51/52, said a dealer in the forex market.

Earlier, the rupee opened stronger by 16 paise at 45.35/37 per US Dollar as compared to the last close of 45.51/52, the forex dealer said.

The Indian currency strengthened further to 45.18/20 per US dollar in the mid-morning session on the back of strong recovery in the stock markets, the dealer added.

Rupee tracked stock markets, the bench mark index BSE Sensex made a strong recovery today gaining 344 points to close at 12,218.

points which helped rupee recover as well from the losses made in the last two days, an analyst said.

Reserve Bank of India (RBI) fixed the reference rate at 45.34 per US dollar which was 27 paise up as compared to Tuesday's level.

The six-month forward premia ended higher at 1.03 per cent from the previous close of 0.92 per cent.

The one-year forward premia, too, ended higher at 1.09 per cent from the previous close of 1.03 per cent.

The cross-currency closing rate for rupee against euro was 58.25 (58.33), which was eight paise down. For pound sterling it was 85.65 (85.60), five paise up and for the Japanese yen it was 41.33 (41.26), seven paise up from the previous close.

UNI