Rupee recovers from record lows to end 11 paise higher against dollar

May 17, 2022 19:38

The rupee on Tuesday hit its life-time intra day low of 77.79 before closing 11 paise higher against the US currency on a stellar rally in the domestic stock markets and a pullback in the dollar.

After opening lower at 77.67, the local unit plunged further to its life-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data.

However, a strong rally in the domestic equities helped the rupee rebound and close at 77.44, showing net gains of 11 paise over the last close of 77.55.

The forex market was closed on Monday on account of Buddha Purnima.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.41 per cent to 103.75.

The US dollar has eased around 1.5 per cent from the last week's two-decade high levels. -- PTI

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