Rupee recovers 9ps to 88.06/$

Mumbai: The rupee recovered 9 paise from its all-time low level to settle at 88.06 against US dollar, on positive domestic equities, softening of crude oil prices and weak US dollar index.

Forex traders said the rupee is trading near all-time low levels amid persistent foreign fund outflows on the back of ongoing trade tariff concerns between India and the US. At the interbank foreign exchange market, the rupee opened at 88.15 against the US dollar, then fell to an intraday low of 88.19 and a high of 87.98 against the American currency.

The domestic unit finally settled for the day at 88.06, higher by 9 paise over its previous closing. On Tuesday, the rupee declined 5 paise to close at an all-time low of 88.15 against the US dollar.

“The Indian rupee strengthened against the US dollar today on positive domestic equities and softening of crude oil prices at higher levels. Weak US dollar index too favoured the rupee,” Anuj Choudhary, Research Analyst Currency and commodities Mirae Asset ShareKhan, said.

Choudhary further noted that the rupee is expected to trade with a slight negative bias amid persistent FII outflows on the back of ongoing trade tariff concerns between India and the US.