Rupee rises 36 paise to 91.85 against dollar

Mumbai: The rupee staged a strong recovery from its record low against the US dollar on Tuesday, gaining 36 paise to settle at 91.85, aided by a sharp fall in global crude oil prices over hopes of de-escalation of the ongoing conflict in West Asia.

Sharp gains in the domestic equity markets, along with a weaker greenback, provided further support to the domestic unit, according to forex traders.

At the interbank foreign exchange, the rupee opened at 91.92 against the US dollar and traded in the range of 91.71-92.19.

The local currency finally settled at 91.85 against the US dollar, up 36 paise from its previous close.

The rupee crashed to its all-time closing low of 92.21 against the US dollar on Monday, down 39 paise, as global crude oil prices saw a sharp spike, and the greenback strengthened.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.52 per cent lower at 98.65.

Foreign institutional investors sold equities worth Rs 6,345.57 crore on a net basis on Monday, according to exchange

data.