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Rupee Rebounds From New Five-Month Low Against Dollar: 10 Points

Rupee Rebounds From New Five-Month Low Against Dollar: 10 Points

Analysts expect the currency to move in a narrow range in the near term

The rupee rose as much as 18 paise – or 0.25 per cent – against the US dollar on Thursday, regaining some ground from a fresh five-month low of 71.35 touched on Wednesday. Analysts say the Reserve Bank of India’s move on the key interest rates and comments on liquidity provided support to the currency markets. After opening higher at 70.80 against the US currency, the rupee climbed to 70.72 at the strongest point by afternoon. It was last seen trading at 70.84 against the greenback