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Rupee rises from record low, recovers 23 paise against US dollar

Press Trust of India  |  New Delhi 

The battered rose 23 paise to 74.16 against the US Wednesday after the American weakened overseas amid increased selling by exporters.

Besides, RBI's decision to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds also supported the recovery in rupee, dealers said.

A higher opening of domestic equity markets too aided the recovery in the domestic unit.

The benchmark BSE Sensex rose 110.20 points or 0.31 per cent, to 34,409.67 in opening trade.

At the forex market, the strengthened by 23 paise to quote at 74.16 against the US in early trade on fresh selling of the American by banks and exporters.

The slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows.

Meanwhile, bought shares worth Rs 1,526 crore, while FIIs pulled out a net Rs 1,242 crore Tuesday, as per provisional stock exchange data.

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

First Published: Wed, October 10 2018. 09:35 IST