Rupee recovers from all-time low levels against the US dollar

NEW DELHI: On Friday morning the rupee recovered from its all-time low levels it had plunged to on Thursday, but continued to trade weak. The Indian currency had yesterday breached the 69-mark but covered lost ground to finally close at an all-time low of 68.79 with a fall of 18 paise against the US dollar because of multiple headwinds like weak global cues and concerns related to inflation and fiscal slippage.

On Friday morning however, it recovered 9 paise higher to open at 68.70. In early trade, it strengthened further and was at 68.50 at 10.15 am, thanks to the fresh selling of the American currency by banks and exporters.
Selling of dollars by banks and exporters today made the greenback weak against some currencies overseas, which supported the rupee, forex dealers said.

A robust opening in the equity market also helped in the propping up of the currency. Benchmark BSE Sensex was more than half a percent in the green and had regained the 35,200-mark in morning trade.

Almost all major currencies are under pressure on the back of stronger economic data from the US and concerns over trade war with China. Rupee had also been under pressure because of rising oil prices and a US threat to stop crude imports from Iran, India’s third-largest oil supplier.