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Rupee recovers 18 paise against US dollar

Press Trust of India  |  Mumbai 

The made a cautious recovery of 18 paise to 73.88 against the US dollar Tuesday on fresh selling of the American by banks and exporters.

Besides, the dollar's overseas weakness, easing global and higher opening in the domestic stock market supported recovery in the domestic unit, traders said.

At the forex market, the local was trading 18 paise higher at 73.88 in early trade.

The International Monetary Fund's forecast of a growth rate of 7.3 per cent for in the current year of 2018 and that of 7.4 per cent in 2019, too, boosted investor sentiment here.

In the previous session Monday, the slumped 30 paise to finish at a fresh lifetime low of 74.06 against the US dollar.

Meanwhile, the benchmark Sensex rose by 72.04 points, or 0.21 per cent, to 34,546.42 in opening trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 09:35 IST