On Tuesday, the rupee had closed at its all-time low of 77.71 against the US currency, down by 17 paise.
On Tuesday, the rupee had closed at its all-time low of 77.71 against the US currency, down by 17 paise.
The rupee recovered from its record low in early trade on Wednesday, rising by 14 paise to 77.57 against the US dollar.
At the interbank foreign exchange, the rupee opened at 77.58 against the US dollar, then again to bid at 77.57, registering a rise of 14 paise from the previous close.
The rupee on Tuesday closed 17 paise lower at its all-time low of 77.71 against the US currency, as rising US bond yields reduced the appeal of riskier assets.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.17% higher at 101.92.
Global oil benchmark Brent crude futures rose 0.96% to $122.84 a barrel.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, said, “Indian GDP came in at 4.1% as expected, while the fiscal deficit for 2021-22 stood at 6.9% of GDP as against the budgeted 6.7% of GDP, indicating a strong tax collection. signals.”
Mr Bhansali further said that the rupee’s range is still between 77.40 and 77.80, with oil companies and foreign portfolio investors (FPIs) at one end and Reserve Bank of India (RBI) at the other end.
On the domestic equity market front, the 30-share Sensex was trading 118.94 points or 0.21% higher at 55,685.35, while the broader NSE Nifty was trading 30.45 points or 0.18% higher at 16,615.00.
Foreign institutional investors remained net sellers in the capital market on Tuesday as they sold shares worth ₹1,03.56 crore, according to stock exchange data.