Re bounces back to 41.3

Re bounces back to 41.3

BS Reporter / Mumbai August 17, 2007

The rupee faced its biggest weekly fall since May 2004 on continued selling of equities by foreign funds, particularly hedge funds, on fears the credit squeeze in the US would spread.

However, the rupee closed today at 41.33 per dollar, up from 41.36 yesterday after recovering from a low of 41.74 in intra-day trade on concerns the sub-prime woes could also hit US insurance companies after banks and hedge funds.

The US Federal Reserve