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Rupee recovered by 22 paise to 64.01 against the greenback today led by an increase in dollar selling by exporters and banks. The Indian currency slipped below the 64-mark to end at a 20-month low of 64.23, depreciating 69 paise against the dollar Thursday due to foreign investors pulling out money from India amid concerns over MAT and delay in the passage of key reform bills.
Treasury, Federal Bank said anything above 63.91 would have established dollar strength over rupee. 63.90 must form the base for the rupee now. He expects the currency to trade in 63.90-64.50 range against the dollar.
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