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Rupee recovers 18 paise against US dollar

Author: PTI/Tuesday, October 9, 2018/Categories: Currency

Rupee recovers 18 paise against US dollar

Mumbai, Oct. 9 - The rupee made a cautious recovery of 18 paise to 73.88 against the US dollar Tuesday on fresh selling of the American currency by banks and exporters.

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

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

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

In the previous session Monday, the rupee 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%, to 34,546.42 in opening trade.

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rajyashree guha

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