BusinessNews

Rupee recovers from record lows; rises 23 paise to Rs 74.16 against USD

On Tuesday, the rupee slumped 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar

New Delhi: The battered rupee rose 23 paise to 74.16 against the US dollar Wednesday after the American currency weakened overseas amid increased selling by exporters. Besides, RBI’s decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.

Besides, the RBI’s decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said. Brent crude oil price, which approached $85 per barrel yesterday and put pressure on the Indian currency, fell back to $84.78 per barrel. Yesterday, the crude rate went up to $84.86 per barrel pushing the Indian currency to its all-time closing low of 74.39 to the dollar.

On Tuesday, the rupee slumped 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows. Tuesday’s close marked the sixth consecutive session of decline for the domestic currency.

(With inputs from PTI)

RELATED ITEMS:
Show More