INR recovers some lost ground against US dollar

The Indian rupee gained some lost ground on Wednesday amid good gains in local equities. INR is at 88.71, up 9 paise on the day. Yesterday, rupee extended downside to hit a new record low pressured by sustained foreign capital outflows amid global trade uncertainties. Rupee fell to an all-time low against the US dollar on Tuesday. However, a steep fall in global crude oil prices, along with a weaker greenback, prevented a sharp decline in the local unit. Meanwhile, RBI, in its Statement on Developmental and Regulatory Policies stated that in order to promote the settlement of cross border transactions in INR and local currencies, the Reserve Bank of India has been progressively liberalising regulations under the Foreign Exchange Management Act.

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