Finance minister's reassurance helps boost Indian rupee
MUMBAI (AFP) - India's rupee recovered against the dollar in early trade on Friday, with investors reassured by comments from Finance Minister P. Chidambaram and the central bank which lifted the currency off its historic lows, analysts said.
The rupee, one of the worst performing currencies in Asia, hit a new lifetime low of 65.56 on Thursday, but was trading at 64.34 to the dollar on Friday morning.
"There is a bit of steadiness in trade, volatility is lower," said Mr Param Sarma, chief executive with consultancy firm NSP Forex.
"The FM's statements seem to have led to some calm. The rupee can't just keep falling one way," Mr Sarma said.