Rupee recovers from record low, opens 12 paise higher at 78.20 against US dollar

Mumbai: The rupee on Friday opened 12 paise higher at 78.20 against the US dollar in view of fall in crude oil prices. The rupee opened at 78.20 against the US dollar at the Interbank Foreign Exchange. In early trade, the local currency saw a high of 78.19 and a low of 78.24 against the US Dollar.

On Thursday, the rupee had closed at its all-time low of 78.32 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.16 per cent lower at 104.26.

Global oil benchmark Brent crude futures fell 0.21 per cent to $109.82 a barrel. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee opened at 78.20 due to a slight decline in the dollar index, while Brent remained at the level of $ 110 per barrel.

“The rupee to trade in a range of 78 to 78.40 as foreign portfolio investors (FPIs) continue to buy US dollars with oil companies, while the Reserve Bank of India (RBI) India The sale and security of Rs. is on,” Bhansali said. On the domestic equity market front, the 30-share Sensex was trading 481.95 points or 0.92 per cent higher at 52,747.67, while the broader NSE nifty It rose 124.95 points, or 0.8 percent, to 15,681.60.

Foreign institutional investors remained net sellers in the capital markets on Thursday as they sold shares worth Rs 2,319.06 crore, according to stock exchange data.

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