New Delhi: The rupee closed at 63.20 on Friday as against the US dollar, up 135 paise over yesterday's close.
Yesterday, the domestic unit had hit a life-time low of 65.65 against the dollar in intra-day trade. It has fallen over 21 per cent since May and about 9 per cent in August.
The rupee sentiment was boosted after Finance Minister P. Chidambaram sought to assuage investors asserting that there is no need for “excessive and unwarranted pessimism''.
Other factors that contributed to rupee's strength included RBI Governor D. Subbarao assuring that the central bank has adequate foreign exchange reserves to deal with falling rupee and a weakness in dollar against some currencies overseas.
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