INR Recovers From Record Low Levels

Published on Mar 26, 2024 17:42

The Indian rupee recovered from lifetime low level hit on Friday and appreciated 33 paise to close at 83.28 (provisional) against the US dollar on Tuesday amid easing US dollar from recent highs and positive Asian currencies. Weak domestic markets and surge in crude oil prices however capped sharp gains for the local unit. The benchmark S&P BSE 30-share Sensex ended the session down 361.54 points, or half a percent, at 72,470.30 on concerns that rising oil prices may stoke inflationary pressures and result in increased deficits. The broader NSE Nifty index settled 92.05 points, or 0.42 percent, lower at 22,004.70 ahead of upcoming F&O expiry. At the interbank foreign exchange market, the local unit opened at 83.33 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.37. Meanwhile, India`s finance ministry said in its monthly economic review last week that inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea.