ZCZC
BCN-27
INDIA-RUPEE-USD
Rupee recovers 9 paise against US dollar in early trade
Mumbai, Sep 6, 2018 (BSS/PTI) – The rupee Thursday recovered from its all-
time low by rising 9 paise to 71.66 against the US dollar in early trade at
the Interbank Foreign Exchange market on fresh selling of the US currency by
exporters and banks.
Finance Minister Arun Jaitley Wednesday attributed the fall in rupee to
global factors and stressed that the domestic unit was better off as compared
to other currencies.
Besides, dollar selling by exporters and banks, fall in crude prices in the
global market and weakness in the dollar against other currencies overseas
amid US-China trade conflict, helped the domestic currency rebound, forex
dealers said.
They said a higher opening in the equity market also supported the recovery
in the rupee.
The rupee’s unabated fall continued for the sixth straight session
Wednesday, hitting yet another closing low of 71.75, down 17 paise against
the US currency as surging oil prices and weak trend in emerging market
currencies weighed on sentiments. Intra-day, the domestic unit plummeted to a
historic low of 71.97 a dollar before finding some respite.
Meanwhile, the BSE benchmark Sensex recovered by 164.46 points, or 0.43 per
cent, to 38,182.77 in opening trade today.
BSS/PTI/HR/1118