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Rupee recovers from all-time low, regains 18 paise against US dollar

By Deepika
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    New Delhi, June 29: The rupee recovered from the all-time low levels it had plunged to on Thursday, but continued to trade weak.

    The Indian currency had on Thursday breached the 69-mark but covered lost ground to finally close at an all-time low of 68.79 with a fall of 18 paise against the US dollar due to multiple headwinds like weak global cues and concerns related to inflation and fiscal slippage.

    image for representation only

    Selling of dollars by banks and exporters on Friday made the greenback weak against some currencies overseas, which supported the rupee, forex dealers said.

    Higher opening of the domestic equity market also propped up the rupee, they added.

    Meanwhile, the BSE benchmark Sensex rebounded by 142.86 points, or 0.40 per cent, to 35,180.50 in early trade on Friday.

    Almost all major currencies are under pressure on the back of stronger economic data from the US and concerns over trade war with China. Rupee has also been under pressure because of rising oil prices and a US threat to stop crude imports from Iran, India's third-largest oil supplier.

    OneIndia News (with ageny inputs)

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