Rupee rebounds 16 paise to 63.88 a dollar
Showing an impressive resilience, the rupee bounced back in style after a brief overnight crash and ended higher by 16 paise at 63.88 against the US currency on bouts of dollar selling by exporters and banks. The government’s decision to slash its additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore, estimated earlier, literally brought some much-needed relief for the battered forex market. Moreover, a sharp pull back in crude prices — below the psychological USD 70-mark a barrel — too supported the rupee…
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