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The partially convertible rupee closed at 48.82/83 per dollar, compared with Wednesday’s 48.525/540. In early deals, it fell to 49.05, inching closer to the record low of 49.30 tested last week.

“There was a bit of dollar selling by some customers along with intervention by state-run banks, which helped the rupee recover,” said Paresh Nayar, chief dealer with Development Credit Bank. He said there was demand for dollars from oil refiners, with pressure also coming from the offshore derivatives market. 

Offshore one-month non-deliverable forward contracts were at 49.74/89, 1.8 per cent weaker than the onshore spot rate. Banks buy dollars locally and sell them offshore to profit from the high price differential.

Indian shares shed 2.1 per cent, taking their losses to about 8 per cent in two days, on lingering fears a global economic recession was imminent despite measures taken by policy makers across the world. read at TIMES OF INDIA