Rupee recovers from record lows, up 9 paise against US dollar

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Mumbai,jul 20:
The rupee recovered from its all-time low, rising 9 paise to 68.96 against the American currency in late morning deals on bouts of dollar-selling from banks and exporters amid higher domestic equities.
The rupee rose to 69.01 from yesterday’s record closing level of 69.05 at the interbank foreign exchange here. The volatile domestic unit later slid to a fresh life-time low of 69.13 before recovering to 68.94 in morning trade; it was quoting at 68.96 at 1030 hrs.
The rupee is already under pressure amid rising crude oil and higher inflation, while sustained capital outflows by foreign institutional investors (FIIs) from local equities and bond market also pressured the sentiment.The rupee extended Thursday’s losses as it hit a record low of 69.13 per dollar in early trade on Friday, tracking weakness in the yuan, reported news agency Reuters. The rupee was trading at 69.11/12 per dollar as of 9:20 am, compared with the previous close of 69.0650/0750. However, rupee recovered from its all-time low, rising 9 paise to 68.96 against the American currency in late morning deals on bouts of dollar-selling from banks and exporters amid higher domestic equities, according to news agency Press Trust of India. Traders were cautious of the Reserve Bank of India stepping in to prevent a sharp fall in the currency and also monitored the domestic stock market for further cues.Overseas, the US dollar slightly lower against its major peers in early Asian trade, was on the defensive against the yen and euro after US President Donald Trump expressed concern about the currency’s strength and the Federal Reserve’s interest rate increases. The 30-share BSE Sensex is trading higher by 168.78 points or 0.46 per cent at 36,520.01 at 1045 hrs.

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