MUMBAI: The rupee closed slightly stronger at 48.12/17 per dollar, from an all-time low of 49.30 per dollar earlier, on continuous central bank inter
vention to support the local currency.
It had closed at 47.99/48.01 on Wednesday.
Earlier, the Indian currency recovered to 48.93 against the US dollar at 1250 hrs after RBI announced a further one per cent cut in Cash Reserve Ratio.
In wild movement at the Interbank Foreign Exchange (forex) market, the domestic currency was trading lower by 94 paise at 1250 hrs after RBI announced a further cut in cash reserve ratio to 7.50 per cent.
Rupee earlier fell to historic level on mounting fears of heavy capital outflows after the global credit crisis spread to Asia, forex dealers said.
Turmoil in bourses and growing fears about a global recession caused worries that there would be heavy capital outflow from equity, they said.
Indian benchmark Sensex this morning tumbled by 1,089 points before staging about a partial re