The rupee recovered from low records and rose from 9 paise to 68.96 against the American currency on bouts of the dollar – selling from banks and exporters amid higher domestic equities.
The rupee rose to 69.01 record closing level of 69.05 at the interbank foreign exchange here. The rupee is already is in 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 sentiments.
The volatile domestic unit later slid to a fresh time low of 69.13 before recovering to 68.94 in the morning trade; it was quoting at 68.96 at 1030 hrs. Overseas, the 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.
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