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    Default Rupee notches up 56-paise gain

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    Recouping from sharp early losses, the rupee gained an impressive 56 paise at 52.91/92 against dollar, to snap four-day losing string as hopes of strong fund flows got a boost from Finance Minister Pranab Mukherjee’s deferring the controversial GAAR by one-year.

    Treasury managers in banks said steps announced by the Reserve Bank regarding FCNR and export credit also lifted the rupee sentiment.

    At the Interbank Foreign Exchange (Forex) market, the domestic unit opened weak at 53.63/64 and logged an intra-day low of 53.76 on early sharp fall in local equities due to negative global advices.

    Moving in tandem with stocks, where late buying emerged after deferring of GAAR, the domestic unit started gaining, as exporters and some banks started selling dollars on hopes of more capital inflows in view of GAAR postponement.
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