Rupee recovers from record lows to finish 7 paise higher against USD

The Indian rupee on Tuesday  recovered from an intra-day low of 77.79 to settle 7 paise higher thanks to a strong rally in domestic equity markets.  Due to a surge in crude oil prices and poor macroeconomic statistics, the local currency fell even more to its all-time intra-day low of 77.79.

A significant rally in domestic stocks, on the other hand, helped the rupee recover and settle at 77.48 (provisional), up 7 paise from the previous closing of 77.55.

The dollar index, which measures the strength of the US dollar against a basket of six currencies, dropped 0.41 percent to 103.75. The global oil benchmark, Brent crude futures, rose 0.74 percent to USD115.09 a barrel.

On the Indian stock market front, the BSE Sensex rose 1,344.63 points, or 2.54%, to 54,318.47, while the broader NSE Nifty rose 417.00 points, or 2.63 percent, to 16,259.30. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs.1,788.93 crore.

India's merchandise exports increased 30.7 percent to USD40.19 billion in April, according to the Commerce Ministry, owing to strong performance in sectors such as petroleum products, electronic goods, and chemicals, despite a USD20.11 billion trade deficit.

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