Rupee recovers after hitting fresh lows
Weak dollar, rising indices aid currency
- The rupee hit a fresh low on 22nd April but recovered later, supported by a rise in domestic equities and some weakness in the dollar.
- The rupee opened weaker at 76.90 a dollar compared with the previous close of 76.83 and then touched an all-time low of 76.92.
- The previous all-time low was reached earlier this month when the rupee touched 76.87 to a dollar.
- The rupee finally closed at 76.68, up 15 paise from the previous close.
- The Sensex closed up 742.84 points, or 2.42% higher, compared with the previous close.
- Currency dealers said there would be pressure on the rupee going forward as the domestic unit should breach the 77-a-dollar mark in the near term
- In case the level of 77 is taken out, then rupee looks to quickly resume a downhill move towards the 77.50 mark.
- On the flip side, the zone of 75.30-75.20 will act as a strong hurdle for the domestic currency.