Rupee jumps 7 paise to 88.70 against US dollar

Mumbai: The rupee recovered from the record low level and settled with a gain of 7 paise at 88.70 against the US dollar on Tuesday boosted by falling crude oil prices overseas.

Forex traders said a firm dollar, outflow of foreign funds and subdued domestic equity markets prevented a sharp gain in the Indian currency.

At the interbank foreign exchange, the rupee opened at 88.55 and hit the intra-day high of 88.28 against the greenback.

The unit also touched a low of 88.67 before ending the session at 88.70 against the dollar, up 7 paise from its previous closing level.

On Monday, the domestic unit, declining for the third consecutive session, ended 7 paise lower at 88.77 against the US dollar, near its all-time

closing level.