Rupee recovered by 67 paise to 65.97 against the dollar at the Interbank Foreign Exchange on fresh selling of the US currency by banks and exporters. The currency hit day's low of Rs 66.76 but cut losses in late trade.Dealers said fresh selling of the US currency by exporters and banks, and weakening of dollar overseas supported the domestic currency.Gains in stock markets also helped rupee strengthen against the dollar, they added.The rupee had tumbled sharply by 82 paise, its biggest single day fall this year, to settle at 66.64 against the dollar yesterday as global meltdown fears remained unabated.
The Dollar rose more than 1 per cent against the yen on Tuesday and pulled away from seven month lows as investor risk aversion showed signs of easing, but the outlook remained clouded by worries about slowing Chinese growth. Traders said a rise in US stock index futures and a bounce in Tokyo equities from session lows helped spur dollar buying against the yen. There was also talk of dollar buying by Japanese players. The dollar rose 1.3 per cent to 120.00 yen, pulling away from Monday's trough of 116.15 yen, which was the dollar's lowest level since mid January. The euro fell 0.7 per cent to $1.1537. The single currency had set a seven month peak of $1.1715 on Monday, when it had shot up from a low of $1.1370
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