Rupee rises 20 paise to close at ₹79.85 against US dollar

The rupee recovered from its all-time low of ₹80.06 to close 20 paise higher at ₹79.85 against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows

The rupee recovered from its all-time low of ₹80.06 to close 20 paise higher at ₹79.85 against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows.

A recovery in domestic equities and weakness of the greenback overseas further helped the domestic currency, forex traders said.

At the interbank forex market, the local unit opened lower at ₹80.03 against the greenback and fell further to an intra-day low of 80.06. The local unit recouped losses later and settled at ₹79.85, registering a rise of 20 paise over its previous close.

On Wednesday, the rupee for the first time settled below the ₹80-level against the US currency due to strong dollar demand from importers and fiscal slippage concerns.

The dollar index, which measures the greenback’s strength against a basket of six currencies, was down 0.04 per cent at 107.03.

Brent crude futures, the global oil benchmark, fell 4.46% to $102.15 per barrel.

“After the last four days’ underperformance, Indian Rupee becomes the second best-performing currency among Asian currencies on probable dollar selling by state banks on behalf of central banks and mild foreign fund inflows.