Inr Recovers Some Lost Ground Aided By Dollar Weakness

The Indian rupee recovered some of its lost momentum and settled with a gain of 10 paise at 87.21 (provisional) against the US dollar on Tuesday as the American currency index fell to its four-month low level and crude oil prices also stayed subdued. The US dollar index slumped today, adding to recent losses and testing fresh four month low. Modest gains were seen in last session but the US currency has failed to sustain them and fell further under 104 mark. It currently trades down 0.58% at 103.34. A volatile trend in domestic equity markets and outflow of foreign capital amid fear of recession in the US and trade-related uncertainties restricted the recovery in the local currency. The benchmark 30-share BSE Sensex hit an intraday low of 73,663.60 before cutting losses to end the session down 12.85 points at 74,102.32. The broader NSE Nifty index ended up 37.60 points, or 0.17 percent, at 22,497.90, after having fallen to 22,314.70 earlier. At the interbank foreign exchange, the rupee opened at 87.37 and touched the day's low of 87.39 against the greenback. The unit also strengthened up to 87.17 before ending the session at 87.21 (provisional) against the dollar, 10 paise higher compared to its previous closing level.

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