The rupee hit a near three-month high on Wednesday, clawing back all early losses, supported by robust dollar inflows, local share gains and a recovery in the euro. The rupee closed at 49.2650/2750 per dollar, rebounding from the day's low of 49.66, gaining 0.4% from Tuesday's close of 49.44/45. It touched 49.2350, a level last seen on November 8."Rupee was supported by dollar inflows and the bounce-back of the euro also aided the rupee in recovering the initial losses," said Hari Chandramgathan, a forex dealer with Federal Bank. The euro pulled back from the day's low following data that Germany's manufacturing sector grew in January for the first time in four months.
Source: Financial Express
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