Rupee recovers from record lows to end 7 paise higher at 77.47 against dollar
The Hindu
Dollar declined on positive undertone in the risk assets and weak economic data
The rupee on May 17 recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets.
After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data.
However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The Forex market was closed on Monday on the account of Buddha Purnima.
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“The Indian rupee depreciated on Tuesday on a surge in crude oil prices and disappointing macroeconomic data. However, soft tone in the US Dollar and risk-on sentiments in global markets have cushioned the downside,” said Praveen Singh, AVP - Fundamental currencies and Commodities analyst, Sharekhan by BNP Paribas.
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