Some selling from foreign banks on likely custodian flows also seen
The rupee trades at 55.41/42 per dollar, recovering sharply from the day's low of 56.09 as exporter dollar sales and a recovery in the euro towards session high hurts; pair had closed Thursday at 55.65/66.
Traders cite dollar flows from exporters who had still not converted half of their foreign currency earnings into rupees as mandated by RBI. Some selling from foreign banks on likely custodian flows also seen, say dealers.
Euro trades near session highs of $1.2566, while domestic shares also recover on the back of stronger European markets.
Snapping the two-day fall, the rupee today recovered 16 paise against the dollar to close at 56.08 after slipping to a record low of 56.52 on ...