Rupee gains by 30 paise against USD during the week

Mumbai, Aug 25: The Indian Rupee staged a smart recovery against U S Dollar by registering a gain of 30 paise during the week to settle at Rs 41.06/07 per USD as compared to Rs 41.36/37 last week.

The forex market was influeced by the stock market during the week, and investment activities of foreign institutional investors (FIIs) aided the rupee in its rally.

The dealers have opined that the Rupee is likely to witness a range bound trading during the week ahead. The Rupee is also expected to make a firm start at 41.10/15 per dollar on Monday.

The Rupee recovered sharply during the first two days of the week and touched a high of Rs 40.89/90 per dollar in extremely volatile trading.

Further, due to heavy outflows of US Dollar, the local currency took a reversal mode and fell to Rs 41.06/07 per dollar by the end of the week. Subsequently, the Rupee attained a steady level and without making much movement, came to an ease on Friday last.

''The Indian unit eased on Friday as traders focused on the fallout of turbulence in the US housing and credit markets,'' a senior dealer with a leading private commercial bank said.

UNI