Mumbai: The Indian rupee recovered smartly by about 13 paise against the greenback today on the back of strong trend in Asian equity markets.

The local currency, however, is expected to come under pressure in the latter part of the day because of shortage of dollars and soaring crude oil prices, which hit new record at 101.32 dollar a barrel in Asian trade this morning.

Resuming steady at 40.20/21 a dollar from last close of 40.19/20 a dollar, the Indian unit rallied smartly to 40.06/07 a dollar as Asian equity markets witnessed a surge with their indices up more than 1.0 per cent. Indian benchmark Sensex surged by 252 points after a sharp fall yesterday.

There was no dollar demand from banks at early stage as dollar shortage eased, forex dealers said.
Source : PTI