Rs recovers from all-time low level, rises 17 paise to 83.92/USD

Mumbai: The rupee recovered from its all-time low level and settled for the day 17 paise higher at 83.92 against the US dollar on Tuesday, on suspected intervention by the RBI.

Forex traders said mixed to weak global equities on rising concerns over recession fears in the US and the geopolitical tensions in the Middle East dented investor sentiments. Moreover, the sentimental impact of unwinding of the Yen carry-trade weighed on the riskier currencies such as the rupee. However, suspected intervention by the Reserve Bank supported the local unit.

At the interbank foreign exchange market, the local unit opened at 83.92 and touched an intra-day high of 83.84 and a low of 83.97 against the dollar during the session. It finally settled at 83.92 against the American currency, up 17 paise from its previous close.

On Monday, the rupee slumped 37 paise to settle at an all-time low of 84.09 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.37 per cent to 103.07 points.