Rupee rises 2 paise to 84.09 against dollar

Mumbai: The rupee recovered from its all-time low level to settle 2 paise higher at 84.09 against the US dollar on Tuesday, supported by a recovery in the domestic markets and suspected intervention by the Reserve Bank of India.

Forex traders said investors were cautious ahead of the US presidential election. Markets are bracing for potential volatility over the coming days, especially with the Federal Reserve’s monetary policy announcement also scheduled this week.

At the interbank foreign exchange, the rupee opened at 84.13 against the US dollar.

During the session, the local currency oscillated between a high of 84.10 and a low of 84.13.

It finally settled at 84.09, 2 paise higher from its previous close.

On Monday, the rupee fell 4 paise to close at a record low level of 84.11 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13 per cent lower at 103.73.

Meanwhile, India’s manufacturing sector growth recovered from September’s eight-month low to 57.5 in October fuelled by faster increases in total new orders and international sales, a monthly survey said on Monday.