Rupee likely to recover

The rupee is expected to recover against the dollar, as buying pressure in foreign exchange market seems to ease next week, analysts said.
“The rupee is likely to bounce back to the previous level and trade between 101.80 and 101.90 against the US currency,” said an analyst.
“An upward trajectory in the foreign exchange reserves will maintain stability in the market at least in the short-term,” the analyst said.
After trading stable between 101.70 and 101.80 for weeks, the rupee-dollar parity breached the level of 102 and weakened 35 paisas in the interbank market during the outgoing week.