Rupee opens strong at 43.55/56 per US dollar

Mumbai, Mar 30 (UNI) The spot rupee today opened on a firm note at 43.55/56 per US dollar compared to 43.75/76 on fresh selling of dollar by bankers.

The Indian rupee partly recovered this morning from its largest single-day percentage fall in nearly nine years as investors sold dollars to take advantage of a spike in call money rates in the money market.

Still, investors were wary of building large positions in the rupee on fears of provoking the central bank, which was suspected of having intervened heavily to weaken it on Thursday.

Later, the rupee fluctuated at 43.55/56 to 43.62/65 per dollar, stronger than Thursday's 43.75/76.

After rising to 43.01 on Wednesday, its highest in more than seven years, the rupee fell by 1.7 per cent on Thursday, its biggest percentage drop in nearly nine years.

There was demand for dollars from oil refiners for month-end payments. Oil rose one per cent on Friday to near USD 67 a barrel on intensifying global supply worries. India imports about 70 per cent of its oil.

The Reserve Bank of India bought USD 7.8 billion between November and January, in a bid to contain the rupee, dealers added.

UNI