Rupee recovers by 8 paise after touching record low of 79.99 against US dollar
The local currency had recorded new lows for four consecutive sessions since Monday.
The rupee on Friday recovered by 8 paise against the US dollar a day after touching a record low of 79.99, PTI reported.
The currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 before closing at 79.91.
Forex dealers said that the rupee recovered due to heavy buying in domestic equities and a weak dollar overseas, PTI reported. “Besides fresh foreign capital inflows also supported the local unit,” they said.
In the domestic market, the BSE Sensex closed at 53,760 after gaining 344 points, or by 0.65%. The 50-share NSE Nifty ended at 16,049, up by 110.55 points, or 0.69%.
On Thursday, the rupee had inched closer to hitting the 80-mark against the US dollar after dropping by 18 paise. This was the fourth consecutive session that the rupee has recorded new lows. It was also the 27th time the rupee had hit a new lifetime low since Russia invaded Ukraine on February 24.
The development had come on a day when the government had released its data on the wholesale inflation rate for June. Though the indicator of price rise in wholesale markets dropped marginally to 15.18% in June from the three-decade high of 15.88% in May, it has remained in double digits since April last year.
Modi is harmful for rupee: Congress
The Congress on Friday targeted the Narendra Modi-led government claiming that it is directionless and silent on the free fall of the Rupee.
“Modi is toxic and harmful for the rupee,” Congress spokesperson Supriya Shrinate said, according to PTI. “What is the government doing to address high inflation?”
Former Congress chief Rahul Gandhi also shared an old speech of Modi during which he criticised the United Progressive Alliance’s handling of the Indian economy.
“The country is in the throes of despair,” Gandhi wrote in a tweet. “These are your own words, aren’t they, prime minister [Narendra Modi] ji? As much noise you used to make at that time, today you are as ‘maun’ [silent] seeing the Rupee depreciating rapidly.”