The rupee on Tuesday 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.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.41 per cent to 103.75.
Brent crude futures, the global oil benchmark, surged 0.74 per cent to USD 115.09 per barrel.
“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.
