PTI

MUMBAI

THE Indian rupee on Friday rose by 28 paise to 51.30/31 against the American currency on fresh dollar selling by exporters and renewed capital inflows even as stock markets witnessed hectic selling.

At the Interbank Foreign Exchange (Forex) market, the local currency resumed higher at 51.36/37 a dollar, but later fell to a low of 51.52 on sluggish local stocks. However, it bounced back at the fag end to 51.29 on heavy dollar selling by exporters. Finally, it concluded at 51.30/31, up 0.54 per cent from previous close.

Meanwhile, the BSE benchmark Sensex plunged by 238 points on weak growth outlook by IT bellwether Infosys.

The rupee premium for the forward dollar ended further slightly lower on sustained stray receivings by exporters.

The benchmark six-month forward dollar premium payable in September ended a bit lower at 163-165 paise from 164-166 paise on Thursday and far-forward contracts maturing in March also finished weak at 297-299 paise from 301-303 paise.

The RBI fixed the reference rate for the US dollar at 51.4175 and for euro at 67.6685.

The rupee recovered against the pound sterling to end at 81.82/84 from overnight close of 82.30/32 and also rebounded against the euro to 67.54/56 from 67.86/88 previously.

It, too recouped against the Japanese yen to 63.35/37 per 100 yen from last close of 63.69/71.