Finance
The rupee recovered from an all-time low against the US dollar on Wednesday, closing 18 paise higher at 82.82 (provisional) against the greenback. This was aided by lower crude oil prices.
Forex traders said the dollar’s weakness in the international market, strong Asian peers, and possible intervention by the Reserve Bank of India (RBI) aided the currency.
However, sustained foreign fund outflows and a weak trend in domestic equities helped to limit the appreciation bias.
The local currency opened at 82.87 against the US dollar on the interbank foreign exchange market, reaching an intraday high of 82.74 and a low of 82.91.
It eventually settled at 82.82, up 18 paise from its previous close.
On Tuesday, the rupee had slumped 22 paise to close at its all-time low of 83 against the dollar.
The dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.52 percent to 103.97.
The 30-share BSE Sensex fell 636.75 points, or 1.04 percent, to end at 60,657.45, while the broader NSE Nifty fell 189.60 points, or 1.04 percent, to 18,042.95.
Brent crude futures fell 2.13 percent to USD 80.35 per barrel, the global oil benchmark.
According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday, offloading shares worth Rs 628.07 crore.
Meanwhile, the Indian services sector grew at a six-month high in December, helped by a strong intake of new work and favorable market conditions, according to a monthly survey released on Wednesday.
Source:FE
