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Rupee stages recovery
MUMBAI: In sync with stock markets, the rupee on Monday snapped a five-day-long losing string and gained 20 paise at 48.25/26 against the greenback after Finance Minister P. Chidambaram’s assurance that the government would initiate more measures to infuse liquidity in the banking system. Dealers in foreign exchange said heavy dollar selling by foreign banks as well as exporters after Mr. Chidambaram promised more measures to infuse liquidity in the system. The domestic currency moved between 48 and 48.30 during the day after resuming stronger at 48.25/27 against its last close of 48.45/46. The rupee had fallen by 183 paise or 3.93 per cent in the last five days.
The crisis in global financial markets led to heavy capital outflows pushing the rupee sharply lower in the current calendar year. — PTI
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