India rupee strengthens as stocks recover

Fri Jul 3, 2009 2:41pm IST

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MUMBAI, July 3 (Reuters) - The Indian rupee recouped early losses to strengthen on Friday afternoon, tracking a recovery in local equities.

* At 2:35 p.m., the rupee INR=IN was at 47.93/95 per dollar, off an early low of 48.19, and slightly stronger than Thursday's close of 47.95/96. It had hit 47.74 on Thursday, its highest since June 16.

* Indian shares extended gains to more than 1 percent on Friday afternoon, on short covering ahead of the federal budget on Monday. (Reporting by Anurag Joshi; Editing by Sunil Nair)

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