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Rupee recovers against dollar

The Indian rupee continued its recovery path at the interbank foreign exchange market. The currency touched yet another high of Rs 38.54/58 during the opening hour and closed at Rs 38.80/87 per dollar today.

According to leading forex dealers, the statement made by Finance Minister P Chidambaram that investment can go on in the country despite political uncertainity at the Centre, has encouraged the forex dealers as well as market participants.

The rupee opened at Rs 38.75-85, touched the day's high of 38.54-58, declined to the day's low of 38.90-96 and ended at 38.80-87, gaining about 7 paise over the previous close of Rs 38.90-94 per dollar.

UNI