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Rupee recovers after report of talks on special dollar window for oil firms

Reuters
A rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files (Reuters)

MUMBAI (Reuters) - The rupee recovered sharply from record low levels on Wednesday after NewsRise reported that the government was in talks with the central bank for a special dollar swap window with some state-run fuel retailers.

The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.

By 0532 GMT, the rupee was trading at 73.05/06 per dollar.

Traders said high global crude oil prices and weaker domestic shares will continue to keep the downward pressure on the Indian currency.

(Reporting by Swati Bhat; Editing by Gopakumar Warrier)