The rupee snapped two days of losses and appreciated by 32 paise on Friday to close at 59.35 against the dollar as the US currency weakened overseas and traders wound up positions at the end of the week.
The rupee was also helped by fresh dollar sales by exporters and some banks and around Rs 250 crore capital inflows in stocks. At the Forex Mkt, rupee resumed lower at 59.72 a dollar from the previous close of 59.67 and declined to a low of 59.88. It bounced back on dollar selling by exporters and some banks, touching a high of 59.30 before settling at 59.35, a rise of 0.54 per cent. The rupee was also supported by comments from Prime Minister Manmohan Singh, who indicated the RBI’s measures to curb exchange rate volatility by tightening liquidity may be reversed.