Rupee recovers 12 paise to close at 77.32 against US dollar
The Hindu
It was supported by a rebound in regional currencies and fall in crude oil prices
Snapping its two-day losing streak, the rupee appreciated 12 paise to end at 77.32 (provisional) against the US dollar on Tuesday, supported by a rebound in regional currencies and fall in crude oil prices.
However, weak domestic equities and persistent foreign fund outflows restricted the gains, forex traders said.
At the interbank forex market, the rupee opened strong at 77.27 against the greenback and moved in a range of 77.20 to 77.45 in the day trade. The rupee finally ended at 77.32, 12 paise higher than its previous close.
In the previous session, the rupee had slumped 54 paise to close at a record low of 77.44 against the US dollar.
"The rupee recovered some lost ground after touching a life low of 77.53 on Monday. Rebound in risk assets and stronger regional currencies supported the rupee in today's session.
"Some stabilisation in risk sentiment after a few days’ sell-off could help the local currency while rebound crude oil prices and fund outflows could adversely impact the rupee," said Dilip Parmar, Research Analyst, HDFC Securities.
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